Sensibill, the leading provider of everyday financial tools and SKU-level insights, shares this month’s Barcode Report on travel-related spending trends during the pandemic, leveraging item-level receipt data to uncover the deepest and most relevant insights into consumer spending.
The Barcode Report transforms SKU-level data derived from receipts into consumable and actionable insights that organizations can leverage to better understand their customers’ spending habits and behaviors. In this report, Sensibill analyzed millions of receipts from U.S. and Canadian consumers to evaluate travel-related spending behaviors in January 2020 compared to April 2021. The company defines these expenses as accommodations, flights, train tickets, receipts in consumers’ marked travel folders and those from known travel merchants like Expedia.
U.S. Key Takeaways:
Despite a higher rate of infection per capita in the U.S., the overall average travel expense increased by 121% during COVID.
- More specifically, travel-related transportation expenses increased by 14-fold, travel-related accommodation expenses tripled and travel-related parking expenses doubled.
- As COVID cases decreased by 4% in January of 2021, travel expenses increased by 183%.
- With people travelling closer to home, consumers no longer need to spend on luggage and baggage carriers. Luggage-related expenses declined by 8 fold since the pandemic.
Canada Key Takeaways:
- The overall average travel expense declined by 86% in Canada during COVID.
- As COVID cases decreased by 2% in January of 2021, travel expenses in Canada increased by only 21%.
Izabella Gabowicz, Chief Operating Officer at Sensibill, said, “While Canada and the U.S. faced a similar crisis over the past 15 months, the SKU-level data featured in this month’s Barcode Report paints two very different pictures about the two regions’ responses and their resulting sentiment around travel. Understanding spending patterns and behavioral shifts such as these can uncover deep insights into regional differences with notable cultural implications; knowing how the pandemic has impacted consumers worldwide can help businesses more effectively engage with them as we all acclimate to the ‘new normal.’
Please click here to read the full version of the June report.
Sensibill provides everyday financial tools and makes SKU-level data actionable, equipping financial institutions with personalized insights to help their customers build healthier financial habits. The AI-powered solution enables end-users to easily track their spending and manage their finances while unlocking unprecedented insights for the institution. Sensibill has rolled out its technology to over 60 million users across North America and the U.K. Visit getsensibill.com to learn more.