It’s no surprise that a pandemic would change the way consumers engage with retail.
In the depths of the COVID-19 crisis, consumers embraced online shopping experiences over brick and mortar stores. In many cases, this is because stores weren’t open, lockdowns were in place, or people simply were afraid to venture somewhere that might potentially get them sick.
Looking at consumer spending data taken from debit card transactions, however, suggests that the change in consumer behavior around shopping might have shifted from something temporary to something more permanent.
If we look at a year-over-year comparison of online spending and in-person spending at brick and mortar locations, we can see some striking trends emerge.