Win the Week™ Retail Newsletter (June 29, 2024)
Dear Reader,
Welcome to our latest edition of the Win the Week newsletter, bringing you consumer spending trends for the week ending June 29, 2024. Let's dive into the latest retail transaction data and compare it with previous weeks to identify emerging patterns.
This week's highlights are presented below.
General Retail
General retail spending continued to decline this week, despite some big-name brands, including Walmart and Target, seeing their average ticket prices going up.
Weekly spend growth: -0.5%
Average ticket growth: -2.5%
Fast Fashion
Fast fashion spending was a mixed bag, with Zara and Uniqlo experiencing week-over-week growth while competitors H&M and SHEIN had declines over the same period. That eked out some growth in fast fashion ticket prices over the last week while the weekly spend didn’t change.
Weekly spend growth: 0.0%
Average ticket growth: 1.4%
TikTok Shop
Retail spending on TikTok Shop was up over the last week, according to Facteus transaction data. In fact, the average ticket price over the past week was just over $56, reflecting more growth than fast fashion spending and wholesale club spending combined.
Weekly spend growth: 2.9%
Average ticket growth: 1.7%
To dig into more TikTok Shop data, check out our ongoing analysis on the Top Apparel Brands on TikTok (below).
Other Categories
All other retail sectors, except for wholesale club spending, had drops in consumer spending over the past week, with fast food and restaurants taking the biggest hit.
Fast Food & Restaurant spend growth: -4.4%
Grocery spend growth: -0.5%
Wholesale Club spend growth: 1.9%
Discount Store spend growth: -0.7%
Hardware & Home Supply spend growth: -2.2%
Key Takeaways & Comparisons in Week-Over-Week Retail Spending Data
Analyzing the retail transaction data over the past couple of weeks reveals some key consumer spending trends and insights across several sectors.
General Retail: Showing signs of stabilizing with -0.5% spend growth, general retail has improved from last week's -4.6%. However, the average ticket size continues to decline.
Fast Fashion: Making a notable turnaround, Fast Fashion spending has improved from last week's -5.2% to even out at 0.0% this week. On top of that, the average ticket size growth turned positive.
TikTok Shop: Maintaining positive growth for the second consecutive week, TikTok Shop spending has slowed down, dropping from 7.3% to 2.9%.
Fast Food & Restaurant: A significant shift from 2.7% growth last week, fast food and restaurant spending dropped to -4.4% this week, breaking its three-week positive streak.
Grocery: Showing slight improvement from -3.8% last week, grocery spending rose to -0.5% this week, showing signs of stabilization.
Wholesale Club: Rebounded from -1.2% last week, wholesale spending shot up with 1.9% growth this week.
Four-Week Trend Analysis
Looking at retail transaction data spanning the past month, crucial findings start to
General Retail: After weeks of decline, general retail spending is starting to show signs of stabilization.
Fast Fashion: Highly volatile, fast fashion spending has oscillated from growth to decline and back to neutral over the past month.
TikTok Shop: Starting on the back foot, TikTok Shop had some early declines, followed by positive growth for two consecutive weeks, suggesting increasing consumer awareness and interest in this sector.
Fast Food & Restaurant: Breaking its positive trend this week, fast food and restaurant spending was down, possibly indicating a shift in consumer dining habits.
Wholesale Club: Reversing its declining trend, wholesale club spending has seen an uptick recently, possibly due to bulk-buying behavior, which could be a response to ever-present inflation concerns.
These trends suggest a dynamic consumer spending environment. Some categories are stabilizing after periods of decline, while others are showing increased volatility. The shift in Fast Food & Restaurant spending is particularly notable and may warrant closer observation in the coming weeks.
As we move into July, we'll be watching closely to see how these trends evolve, particularly with potential impacts from 2024 Amazon Prime Day in July, summer travel, vacation spending, and the 2024 Olympics.
Best regards,
The Facteus Team
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