Groceries: % Change YoY for Spend/User
Grocery spending moderated in December 2023
Envestnet® | Yodlee® data shows that spending on groceries increased year-over-year in most months of 2023 even after high increases the previous year-over-year period. The data also shows that grocery spend increases moderated in December 2023 as food inflation eased, resulting in low single digit declines at the cash register compared to the prior year.
For the year, trends were in alignment with a report from the Bureau of Labor Statistics that showed the index for food at home (groceries) was 1.3% higher year-over-year. NerdWallet reported that food prices have steadily risen since 2020, due to a combination of inflation, pandemic-related supply-chain disruptions and tariffs on certain foreign imports.
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About Envestnet | Yodlee Merchant, Retail, Shopper, and Spend Insights
Envestnet | Yodlee Merchant, Retail, Shopper, and Spend Insights utilize de-identified transaction data from a diverse and dynamic set of data from millions of accounts to identify patterns and context to inform spending and income trends. The trends reflect analysis and insights from the Envestnet | Yodlee data analysis team. By combining data with intelligence – connecting vast amounts of actual de-identified shopping data with state-of-the-art analytics and machine learning – Envestnet | Yodlee provides visibility into a large set of shopping daily purchase behavior including, but not limited to, transactions, customer lifetime values, and merchant/retailer shares.
To learn more about Envestnet | Yodlee Merchant and Retail Insights and get a free demo, please contact an Envestnet | Yodlee sales representative.
