High Point, N.C. — If home and hearth had its moment in 2021, 2022 is providing a stark reality check. Gone are the days of profligate spending on domestic comforts; the focus now is on getting out and about and traditional retail is feeling the effects.
Results from Cardlytics’ Q1 2022 State of the Spend report show spending was up by 7% in early 2022 driven largely by travel, entertainment and dining.
Within the retail category, however, total expenditures dropped by 1% vs. the first quarter of 2021, and purchases fell by 3%, while the spend per purchase rose minimally by 2%.
In contrast, restaurant-related purchases were up 5%, the spend per purchase increased by 10%, and total spending was higher yet, up 16%. Even as price sensitivity heightens among consumers, Cardlytics’ report shows consumers are blurring the line between luxury and convenience when channeling dollars into dining.
They’ve also begun to funnel funds into all kinds of entertainment-related activities with cruise lines, concerts/theaters and amusement parks experiencing triple-digit gains year-over-year for the first quarter. Lodging saw a significant bump as well, up 39%, with fine dining not far behind with a 29% increase for the period tracked.
The category of travel and entertainment saw the total spend skyrocket by 54% between Q1 2021 and Q1 2022 and purchases and spend per purchase also registered impressive growth, up 29% and 20%, respectively, year-over-year.
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I’m Joanne Friedrick, research editor for the Home Furnishings Division. I began my career as a newspaper editor and then became a trade journalist, covering myriad industries including pension funds, supermarkets, gourmet food and security systems, just to name a few. Most recently, I entered the home furnishings category as a contributor for HFN and Home Textiles Today before transitioning into research where I now get to tell the stories behind the numbers for all of the HFD titles.
