March 2022 Earnest Research Spend Index


Earnest Research Spend Index decelerated sharply from February, as consumer spending lapped March 2021 stimulus checks and the Russia-Ukraine conflict entered its second month. All major subcategories decelerated sequentially, with most also declining YoY. Gas Stations, Fashion Resale, Gyms, and Workout Classes stood out as the biggest growers in the month. Household Goods, Home Furnishings, General Electronics, and Home Fitness all posted double digit declines YoY, likely on lapping stimulus-driven growth. Air Travel, Online Travel Agency, and Lodging and Accommodation continued to recover, though inflationary pressures probably played a large role in higher travel tickets. Consumers continued to return to physical locations, with in-store spending up YoY and foot traffic visits recovering significantly in harder hit geographies.

See the Earnest Research Spend Index for February (Note: Historical numbers could vary slightly due to methodology updates.)

*About the Earnest Research Spend Index:

The Earnest Research Spend Index (ERSI) 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 ERSI include better representation of e-commerce spend, disaggregation by geography, and online versus in-store breakouts.

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