Win the Week™ Retail Newsletter (June 24, 2024)
Dear Reader,
Apologies for the change in formats. We are still working out the best platform to deliver you our insights via email.
Welcome to this week's edition of the Win the Week newsletter, bringing you the latest consumer spending trends for the week ending June 22, 2024. Let's dive into the data and compare it with previous weeks to identify emerging patterns.
This week's highlights:
General Retail Spending
For the second consecutive week, general retail spending has slipped, with the big dogs in retail — including Amazon, Walmart, and Target — leading the pack with week-over-week declines.
Weekly spend growth: -4.6%
Average ticket growth: -0.7%
Fast Fashion Spending
Leaning into the trend started weeks ago, consumers continue to dial down their fast-fashion spending. In fact, transaction data shows that fast fashion spending has been down since the start of our Win the Week™ series, which launched at the beginning of June 2024.
Weekly spend growth: -5.2%
Average ticket growth: -0.9%
TikTok Shop Trends
Bouncing back with a vengeance, retail spending on TikTok Shop has climbed out of the hole and regained a healthy lead, showing some of the strongest growth out of any sector over the past week:
Weekly spend growth: 7.3%
Average ticket growth: 2.7%
Consumer Retail Spending in Other Categories
Spending on eating out, along with home improvement spending, both jumped over the last week, rising more than 2%. In contrast, grocery spending and discount spending dropped off. This reverse some consumer spending trends from two weeks ago when grocery, fast food, and discount spending were up while home supply purchases were down:
Fast Food & Restaurant spend growth: 2.7%
Grocery spend growth: -3.8%
Wholesale Club spend growth: -1.2%
Discount Store spend growth: -1.7%
Hardware & Home Supply spend growth: 2.3%
Key Takeaways & Comparisons
Comparing the latest retail spending trends to spending patterns over the past week, the following insights and takeaways begin to emerge:
General Retail: The decline continues, with spend growth dropping from -7.28% last week to -4.6% this week. Average ticket size also turned negative, reversing the slight increase seen last week.
Fast Fashion: After a relatively flat performance last week (-0.5%), spend growth declined further to -5.2%. Average ticket growth also turned negative after a small increase the previous week.
TikTok Shop: A significant turnaround! After last week's -13.6% decline, TikTok Shop rebounded strongly with 7.3% growth. This volatility suggests the platform's spending patterns are still stabilizing.
Fast Food & Restaurant: Continues to show positive growth, increasing from 1.0% last week to 2.7% this week. This category has maintained positive growth for three consecutive weeks.
Grocery: After showing 2.0% growth last week, grocery spend declined by -3.8% this week, indicating a potential shift in consumer behavior.
Hardware & Home Supply: Reversed its declining trend, moving from -2.1% last week to 2.3% growth this week.
Three-Week Trend Analysis
General Retail and Fast Fashion have shown consistent declines over the past three weeks, suggesting consumers may be pulling back on discretionary spending.
TikTok Shop has shown high volatility, with significant swings week-to-week.
Fast Food & Restaurant spending has maintained positive growth, possibly indicating a preference for dining out or convenience foods.
Discount Store spending has started to decline after showing growth over the past two weeks.
These trends suggest a complex consumer spending environment, with some categories showing resilience while others face challenges. We'll continue to monitor these patterns closely to provide you with the most up-to-date insights.
As always, if you have any questions or would like to explore how Facteus' data can support your business decisions, please don't hesitate to reach out.
Best regards,
The Facteus Team
Explore Our Win the Week™ Retail Spending Series
