Sensibill, the only customer data platform designed specifically for the financial services industry, shares this month’s Sensibill Barcode Report related to New Year resolution-related spending trends, leveraging customer spend data, including SKU-level data and transactions, to uncover the deepest and most relevant insights into consumer spending.
The Sensibill Barcode Report transforms customer spend data derived from financial documents into consumable and actionable insights that organizations can leverage to better understand their spending habits and behaviors. Sensibill has amassed a first party database of transactions from 220,000 merchants worldwide, including all of the top 100 merchants in the U.S. and Canada. Of these merchants, the company has extracted more than 6 million unique SKUs across 32 different countries, developing more than 6,000 unique product categories. In this report, Sensibill analyzed millions of receipts from U.S. and Canadian consumers to explore spending trends related to building a healthier lifestyle.
Key Highlights & Trends
- Total consumer spend during January 2021 was 10x more than January of 2020. Consumers spent 75% more on cleaning and organization supplies; 37% more on grocery store prepared food; and 48% more on fitness related equipment, clothing, and services, but spent 64% less on apparel and clothes.
- So far this January, consumers have spent the most on apparel and clothing. They spent 2x more on this category compared to cleaning and organization supplies, 1.3x more than fitness-related items and services, 1.5x more than meal subscription services, and 2.5x more than nutritional supplements.
- Last year, consumers spent 4x more on fitness equipment than in 2020, and so far this year, consumer spend on fitness equipment is 2x more than 2020. Consumer spend on protein shakes has increased by 1.6x compared to 2020.
- In 2020 and 2021, cleaning solutions and tools made up approximately 69% of consumer spend in the cleaning and organizational supplies category, while storage boxes and solutions made up the remainder.
- Total consumer spend last January was 1.2x more than January of 2020. Consumers spent 2x more on fitness equipment, attire, and services, and 200x more on budgeting apps.
- So far this year, consumers have spent the most on cleaning and organization supplies followed by fitness. Consumer spend in the cleaning and organization category is approximately 1.2x more than the fitness category.
- In 2021, there was no recorded consumer spend around gym memberships, and consumers spent 1.3x more on fitness equipment than in 2020. Last year, consumer spending on low-carb and keto-friendly food items during January dropped by 62%, while consumer spending on vegan-friendly food items increased by 24%.
Izabella Gabowicz, Chief Operating Officer at Sensibill, said, “This month’s report not only shows how much consumer spending has fluctuated since the start of 2021 across North America, but which categories have drawn the most interest. Knowing consumers are spending more on certain categories in specific areas can better inform significant sales and marketing decisions including inventory planning and selection of incentives. These spending trends present opportunities for businesses to motivate their customers to continue building healthier lifestyles this year through relevant discounts and promotions.”