Commerce Signals Introduces Covid-19 Consumer Spending Impact Tracker; Provides Deep Insights to Help Retailers and Others Pl...
May 28 2020 - 11:07AM
Commerce Signals, a Verisk Financial company and leading source of
U.S. retail payment insights, today announced the availability of
the Covid-19 Consumer Spending Impact Tracker, enabling companies
to quickly and easily gain valuable insights into U.S. consumer
spending behavior across key retail and direct-to-consumer business
categories. The solution provides a granular view into spending
patterns over time, including regional differences that can be
expected to arise as various geographic areas begin to ease
restrictions on businesses and consumers.
The tracker allows users to access accurate weekly views of
purchases and returns by category, including online vs. in-store,
with geographic views down to the county level—all from an
easy-to-use and intuitive online dashboard. A datacube is also
available for custom analysis.
“Retailers and e-commerce companies are hungry for accurate and
granular spending data delivered in a timely fashion to help with
their strategic, financial, business and marketing planning,
especially during these uncertain times,” said Lisa Bonalle-Hannan,
president of Verisk Financial. “The Commerce Signals spend
tracker provides the insights companies need to find opportunities,
cut waste and create a competitive advantage by understanding how
customers are behaving and spending outside of their own
businesses.”
“As states and regions start to ease their stay-at-home
restrictions and businesses start to reopen, we’ll be closely
following whether l consumer spending will follow suit and how
quickly, as well as which categories will see a quick rebound and
which might see the impacts linger,” added Bonalle-Hannan. “The
spend tracker is unique in that it lets you drill down deeply into
spending behavior on a weekly basis and look at differences by
specific geographies, between online and instore, and across other
critical factors.”
Consumer spending patterns are changing dramatically on a weekly
basis. For example, nationwide, home stores and wholesale retailer
store purchases were down by 16.4 percent and 6.5 percent,
respectively, from a year earlier (for the week ending March 28).
However, during the week ending May 16th, they were up 27.3 percent
and 18.1 percent from the same time a year earlier. Online sales
that week for home stores and wholesale retailers were up
significantly at 97 percent and 60.5 percent, respectively, while
in-store sales were up 14.4 percent and down 5.8 percent compared
to a year earlier. Sales performance also varies significantly by
geography.
The new solution is powered by Commerce Signals’ comprehensive
and anonymized consumer credit and debit card spending dataset,
which includes transactions from more than 40 million U.S.
households. The data is balanced for the total U.S. population
by geography and other proprietary metrics.
The direct-to-consumer business categories followed by the spend
tracker include:
- Airlines
- Lodging
- Travel Agencies
- Auto Rental
- Ride Share, Cruises, Etc.
- Entertainment/Amusement Parks
- Gas Stations
- Restaurants
- Grocery Stores
- Pharmacy/Drug Stores
- Wholesale Retailers
- Discount Stores
- Department Stores
- Clothing Stores
- Electronics Stores
- Home Improvement/Interior Furnishing Stores
- Utilities
For more information or to request a Demo of the
Covid-19 Consumer Spending Impact Tracker, please email:
CommerceSignals@Verisk.com
ABOUT COMMERCE SIGNALS Commerce Signals, a
Verisk Financial company, is a leading source of U.S. retail
payment insights and analytics. The company has a unique,
continuous and anonymized view of the credit and debit card
spending behavior from 40 million U.S. households. Commerce Signals
provides retailers and other direct-to-consumer companies with
powerful insights to understand customer and competitive dynamics
outside their business, improve decision making, and increase
marketing spend efficiency. Its insights and measurement solutions
are used by some of the largest retailers in the country.
ABOUT VERISK FINANCIAL Verisk (Nasdaq:VRSK) is
a leading data analytics provider serving customers in insurance,
energy and specialized markets, and financial services. Using
advanced technologies to collect and analyze billions of records,
Verisk draws on unique data assets and deep domain expertise to
provide first-to-market innovations that are integrated into
customer workflows. Verisk offers predictive analytics and decision
support solutions to customers in rating, underwriting, claims,
catastrophe and weather risk, global risk analytics, natural
resources intelligence, economic forecasting, and many other
fields. Around the world, Verisk helps customers protect people,
property, and financial assets. For more information about Verisk
Financial, please visit https://www.verisk.com/financial/.
Headquartered in Jersey City, N.J., Verisk operates in 30
countries and is a member of Standard & Poor’s S&P 500®
Index.
Media Contact:
Joe Madden joseph.madden@verisk.com201.232.4486 Kevin
Sugarmanksugarman@globalfluency.com408.677.5311
- Commerce Signals Consumer Spend Dashboard
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