Sensibill’s Barcode Report Finds that Consumer Spending Trends Suggest a Return to Normal

SKU-level data expert analyzes shifts from pre-pandemic behavior and priorities

Sensibill

TORONTO, August 19, 2021 – Sensibill, the leading provider of everyday financial tools and SKU-level insights, shares this month’s Barcode Report on consumer spend related to post-pandemic activity, leveraging item-level receipt data to uncover the deepest and most relevant insights into consumer spending. The Barcode Report transforms SKU-level data derived from receipts into consumable and actionable insights that organizations can leverage to better understand their customers’ spending habits and behaviors. Sensibill has amassed a database of transactions from 220,000 merchants worldwide, including 96% of the top 100 in the U.S. Of these merchants, the company has extracted more than 6 million unique SKUs across 32 different countries, developing more than 6,000 unique product categories. In this report, Sensibill analyzed millions of receipts from U.S. and Canadian consumers to determine consumers’ behavior and habits as the world reopens. Key Highlights & Trends The average consumer spend in the past 3 months is showing signs of normalcy, as it increases at an average of .3% per month. In fact, recent spending patterns are similar to what we saw in 2019, pre-pandemic. Consumer spend on salons and spas are on the rise, growing at a monthly rate of 45%. 1.4x more consumers with movie-related expenses purchased masks & sanitizer, when compared to consumers returning to other activities. In the last three months, average consumer spend in the salon & spa category had the highest rate of increase per month at 45% while movie-related expenses have been increasing at 29% and back-to-school at 15%. Izabella Gabowicz, Chief Operating Officer at Sensibill, said, “Our deep analysis reveals that overall consumer spend has increased, almost mirroring spend patterns of 2019. However, the details also show that consumers continue to proceed with caution. Understanding that consumers are increasingly resuming pre-pandemic activities can help financial institutions facilitate more personalized interactions that support these shifts. For example, knowing consumer spending is on the rise, banks and credit unions might proactively share recommendations around round-up savings, surface discounts for health-related products in the area and create more targeted loyalty programs with local gyms and movie theaters.” Please click here for the full version of the report.: http://www.getsensibill.com/blog/barcode-august-consumer-spend-returning-to-normal About Sensibill Sensibill provides everyday financial tools and makes SKU-level data actionable, equipping financial institutions with personalized insights to help their customers build healthier financial habits. The AI-powered solution enables end-users to easily track their spending and manage their finances while unlocking unprecedented insights for the institution. Sensibill has rolled out its technology to over 60 million users across North America and the U.K. Visit getsensibill.com to learn more.