September 2024 US Consumer Spending: fuel sales drag growth
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The Earnest Analytics Spend Index (EASI) powered by Vela Gamma transaction data fell in September to -2.6% YoY, with a slight deceleration in credit card spending adding to a larger deceleration in debit card spending.
Results from major merchant category codes (MCC) in descending order of total sales:
- Grocery Stores, Supermarket (5411), which includes major grocers like Kroger and Publix, decelerated to -0.1% YoY growth
- Eating Places and Restaurants (5812), which includes casual restaurants like Olive Garden decelerated to -2.8% YoY growth
- Direct Marketing–Catalog Merchants (5964), which includes online ecommerce like Amazon and Temu, accelerated to +5.1% YoY growth
- Miscellaneous General Merchandise Stores (5399), which includes Walmart and Target, decelerated to -0.4% YoY growth
- Fuel Dispenser, Automated (5542), which includes Shell and Exxon, decelerated to -16.5% YoY growth
- Fast Food Restaurants (5814), which includes McDonald’s and Burger King, decelerated to -0.7% YoY growth
- Wholesale Clubs (5300), which includes Costco and Sam’s Club, decelerated to +8.1% YoY growth
- Department Stores (5311), which includes Nordstrom and Kohl’s, decelerated to -3.8% YoY growth
- Men’s and Women’s Clothing Stores (5691), which includes H&M and Abercrombie, accelerated to 2.6% YoY growth
- Equipment, Furniture, and Home Furnishings Stores except Appliances (5712), which includes Wayfair and Williams Sonoma, decelerated to -10.4% YoY growth
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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 89 merchant category codes (MCC), encompassing thousands of US merchants. The near real-time data is derived from the credit and debit spend of millions of de-identified US consumers. Advantages of using EASI include faster macro signals and insight into geographic, shopper income, and credit vs debit trends.
Historical numbers can vary due to methodology updates.
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