Business
Cardlytics’ State of Spend Report Shows US Spend is Highest in Four Years
ATLANTA, May 12, 2022 (GLOBE NEWSWIRE) -- Cardlytics (NASDAQ: CDLX), an advertising platform in banks’ digital channels, today released its Q1 2022 State of
About this update from Cardlytics, Inc. Common Stock
[{"type":"text","content":"ATLANTA, May 12, 2022 (GLOBE NEWSWIRE) -- Cardlytics (NASDAQ: CDLX), an advertising platform in banks’ digital channels, today released its Q1 2022 State of Spend Report. With insight into 1 out of every 2 debit and credit card swipes in the US, Cardlytics found that overall consumer spend is up 7% in Q1 2022 versus the same quarter last year. This marks the highest consumer spending level in four years, despite concerns over record inflation. The report, which analyzed purchase insights from the Cardlytics platform between December 30, 2021, and March 31, 2022, reveals how consumers are spending across categories including restaurant, direct-to-consumer (DTC), travel, grocery, gas, and convenience, among others. This Purchase Intelligence™ is critical for advertisers to better understand changing consumer preferences and create resulting campaigns that drive incremental returns. A few highlights from the Q1 2022 State of Spend Report show: Travel and entertainment experienced significant growth (54%) as consumers began traveling again. This category led consumer spending with year-over-year (YoY) increases among airlines (99%), amusement parks (110%), concerts and theater (213%), cruise lines (345%), hotels and lodging (39%), museums and parks (55%), and travel aggregators and agencies (83%). Restaurant and food delivery both saw positive consumer spending. Restaurant had a 16% bump, which could be attributed partially to overall price increases. Interestingly, while restaurant delivery in Q1 increases, the overall spending for this category shows slowing growth compared to previous years (202% in 2019, 131% in 2020, 5% 2021). Consumers are making fewer fuel trips but are spending more per trip. As a result of the lingering effects of the pandemic, recurring supply chain roadblocks, and a recent inflation surge, gas prices have hit an all-time national average high of $4.18 per gallon. This has led to fewer, more expensive trips to the pump. The gas and convenience sector made up approximately 16.5% of customer trips in 2022, a slight decrease from 2021’s 17.3%. As oil prices increased, so did consumer purchases. In 2021, $50+ purchases were only 13% of total purchases and so far in 2022, approximately 1 in 3 fuel purchases are over $50.Retail spending is slowing online and in-store. While overall spending across categories is ...