The Economic Rebound
The State of U.S. Businesses and Consumer Spend
- U.S. merchants are opening back-up, with 96% of merchants processing a transaction in February 2020 and June 2020. The estimated Reopen Rate is calculated by tracking merchants that processed a transaction in February 2020 that subsequently processed a transaction in June 2020.
- Year-over-year change shows that spending in June was down 11.2% nationwide, with significant variances between states
- Typically in times of economic turmoil debit usage declines as consumers rely more heavily on credit, but currently debit usage remains up indicating that consumers have more “cash on hand” than usual, potentially from their limited ability to spend where they normally would given COVID-related restrictions
- TSG investigated a number of state-specific statistics and indicators to calculate the Economic Rebound Potential of states. South Dakota has the highest rebound potential, while Hawaii has the lowest.
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