November 2023 Earnest Analytics Spend Index

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Earnest Analytics Spend Index powered by Orion transaction data remained below year ago levels despite a slight improvement in both in-store and online. Consumer spending was weak across the board for a second consecutive month, but most categories experienced some sequential acceleration compared to year ago levels. Online Marketplaces stood out during the holiday shopping period and posted double digit YoY growth in November. Active & Athleisure, Intimate & Swimwear, and Fashion Resale all improved to mid-single digit growth YoY. Gyms and Workout Classes grew despite a deceleration in Home Fitness. Warehouse Clubs remained positive YoY, while Big Box retailers were down vs year ago levels. Home Furnishings, Home Improvement, and Garden & Outdoor continued to decline YoY. QSR and Delivery Aggregators grew mid-single digits YoY. Air Travel, Lodging & Accommodation, and Online Travel Agency all fell mid-single digits, suggesting weakening demand headed into the holiday travel season.

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*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.