March 2023 Earnest Analytics Spend Index

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Earnest Analytics Spend Index powered by Orion transaction data further declined in March, with online and in-store converging towards negative single digit YoY growth. Gyms and Workout Classes stood out as the brands turned towards New Years Resolution season promotions to speed recovery towards pre-pandemic membership levels. Pet Supplies also continued to standout among a largely challenged retail environment. QSR grew low single digits, outperforming all other restaurant subcategories. Household Goods, Home Furnishings, and Home Improvement posted some of the largest decelerations from February, as the housing market cools. Online Travel Agency, Air Travel, General Electronics, General Apparel and Footwear both declined low double-digits, suggesting a steep slow down in discretionary spending. Gas Stations also decelerated sharply from February.

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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.