January 2024 Earnest Analytics Spend Index

Earnest Analytics Spend Index powered by Orion transaction data decelerated in January, with a further deceleration in-store offsetting a large acceleration online. Fashion Resale was the only apparel category with positive YoY growth, while Intimate & Swimwear, Active & Athleisure, and Footwear all declined low double digits. Gyms continued to grow YoY, though growth decelerated several points lapping the more difficult resolution season comps. Workout Classes declined YoY on a high single digit deceleration. Both categories outperformed Home Fitness, which fell low double digits YoY. Online Marketplaces and Warehouse clubs both grew high single digits, a bright spot in an otherwise down month for General Merchandise and Grocers. Garden & Outdoor also grew on a double digit acceleration from December, despite Home Improvement and Home Furnishings both declining YoY. Delivery Aggregators grew low single digits YoY, outperforming QSR and Casual Dining. Air Travel recovered slightly and was only down low single digits YoY, though Lodging & Accommodation and Online Travel Agency fell mid-single digits YoY.

*About the Earnest Analytics Spend Index:

The Earnest Analytics Spend Index (EASI) is an alternative data-driven measure of consumer spending that tracks spend across 2,500+ large national brands in major consumer discretionary and staples subcategories. The near real-time data is derived from the credit and debit spend of millions of de-identified U.S. consumers. Advantages of using EASI include better representation of e-commerce spend, disaggregation by geography, and online versus in-store breakouts.

Historical numbers could vary slightly due to methodology updates.