Win the Week™ Retail Newsletter (June 18, 2024)
We're back with the latest consumer spending trends in retail for the week ending on June 15, 2024. This week's data, showing week-over-week changes in customer spending, reveals some interesting shifts in consumer behavior across key retail and e-commerce categories.
This week's highlights:
General Retail Insights
Big-name retailers, including major big box stores and online retailers, saw some slight shrinkage in weekly spending and sales while the average ticket price remained fairly steady.
Weekly spend growth: -7.28%
Average ticket growth: 0.7%
Fast Fashion
Fast fashion retailers seemed to tread water with consumer spending over the past week with a minor dip in weekly spending and a slight uptick in the average spend per customer.
Weekly spend growth: -0.5%
Average ticket growth: 0.8%
TikTok Shop
Demonstrating one of the bigger falls over the past week, consumer spending on the TikTok Shop dropped sharply, despite the average spend per customer rising a bit.
Weekly spend growth: -13.6%
Average ticket growth: 0.5%
Other Categories
With a mixed bag of results that brought some upticks and backslides, a few other retailers experienced some slight growth in consumer spending last week while a couple continued to dip, carrying on the trends from last week.
Fast Food & Restaurant spend growth: 1.0%
Grocery spend growth: 2.0%
Wholesale Club spend growth: -3.1%
Discount Store spend growth: 2.1%
Hardware & Home Supply spend growth: -2.1%
Key Takeaways
Boiling down the latest retailer transaction data, here are some crucial takeaways from the past week:
General Retail saw a significant drop in weekly spend growth, despite a slight increase in average ticket size.
Fast Fashion spend growth remained relatively flat, with a modest increase in average ticket growth.
TikTok Shop experienced a notable decline in weekly spend growth, even with a small uptick in average ticket size.
Grocery and Discount Stores saw positive spend growth, while Wholesale Clubs and Hardware & Home Supply declined.
Compared to last week, we're seeing some shifts in consumer spending patterns:
General Retail and TikTok Shop, which performed well last week, saw declines this week.
Meanwhile, categories like Grocery and Discount Stores showed improved growth.
As always, we'll continue to monitor these trends and provide you with valuable insights to help you stay ahead of the curve.
If you have any questions or would like to explore how Facteus' data can support your business decisions, feel free to reach out.
Best regards,
The Facteus Team
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