Parents are spending less on retail purchases each month, as budget pressures demand cost-cutting measures.
The recent PYMNTS Intelligence exclusive report “The Last Transaction: Family Spending Habits Reveal Merchant Opportunities in Retail and Travel” drew from a May survey of more than 2,700 U.S. consumers in conjunction with data from previous months to understand recent shifts in purchasing behaviors.
The results revealed that, at the time of the survey, consumers who are single with children in the household had spent, on average, $69 on retail products in the previous 30 days, down from $106 in April and $103 the month prior.
Meanwhile, among those who are married with children in the household, spending fell less in that month but more over a two-month period, averaging $90 in May versus $97 in April and $154 in March.
Those who do not have children in their household, meanwhile, have not shown the same downturn in spending. Consumers who are married without children at home had spent an average of $71 in the previous month in May, down slightly from $74 in April but up slightly from $70 in March. Those who are single without children at home averaged $90 when surveyed in May, up from $79 in April and $68 in March.
In an effort to cater to these belt-tightening consumers, merchants are rolling out more generous deals. Walmart, for instance, recently had its “largest savings event ever,” Walmart Deals.
Plus, Amazon recently shared that it saw record-high participation in its Prime Day event, with outside reports noting that the company saw an 11% increase in spending over the two-day sale, reaching $14.2 billion.
“We love helping Prime members save money, and Prime Day is the ultimate celebration of the savings, selection, and convenience that Prime membership provides customers looking for shopping, entertainment, food delivery, and more,” Doug Herrington, CEO of Worldwide Amazon Stores, said in a statement.
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