Product Updates

Cardlytics – spending on ‘shareable, memorable experiences’ remains strong

The new Cardlytics Spending Index, based on the purchase insights of nearly four million bank customers, showed spending growth slowed in the third quarter of 2017, growing at just 3% year-on-year compared with the 6% year-on-year increase seen in the second quarter.

Despite the overall slowdown, spending in “experience” sectors such as dining and travel remained strong. According to the data, while grocery share of spend has fallen nearly 1% since 2015, spend on quick-service restaurants grew 5% from the second quarter to the third quarter this year, and saw a 21% year-on-year increase.

Spending on eating out has taken a firmer foothold in people’s wallets than ever before, with the share of spend for restaurants overall increasing the most (0.9%) since the third quarter of 2015. Spending in the travel sector including airlines, hotels and travel remains strong, up 7% in the third quarter of 2017 compared with the previous year.

The findings come as part of the Cardlytics Spending Index compiled by Cardlytics, a purchase intelligence platform.

Pete Gleason, president of international operations at Cardlytics, said: “While actual consumer spend grew from the second quarter to third quarter, the rate of growth slowed. However, we still see consumers are willing to spend in categories that can create shareable, memorable experiences. This is an important trend for brands to note, especially as they gear up for their holiday marketing. Britain is clearly becoming a nation of food lovers. When it comes to restaurants and cafes, grocers should be thinking about how to offer products that can compete with people’s love for eating out and trend towards artisanal products.”

 

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