Cardify.ai Launches 2021 Stimulus Spending Tracker

TORONTO, March 23, 2021 /PRNewswire/ -- Cardify.ai announces the launch of its 2021 Stimulus Spending Tracker to measure the real-time economic impact of US government funds to be distributed this month to more than 100 million American consumers.

Cardify's 2021 Stimulus Spending Tracker monitors the effects of the stimulus checks, the individual companies benefiting from the 2021 stimulus, and how spending behavior for recipients is impacted in real-time.

The 2021 Stimulus Spending Tracker covers consumer transaction data across discretionary spending, retail investing, cryptocurrency investing, and buy-now pay-later, increasingly used by consumers to finance purchases.

"Through Cardify's 2021 Stimulus Spending Tracker, we gain a better understanding of how stimulus check recipients put recovery funds to work, and whether the payments are truly driving economic growth," said Derrick Fung, CEO of Cardify.ai. "Our data uncovered key brands that really captured the 2020 consumer spend as a result of the stimulus checks and we are interested to see if those trends continue."

Following the first round of stimulus that was issued between April and July of 2020 to support Americans in the aftermath of the onset of the COVID-19 pandemic, Cardify data unveiled unique insights into how 238,000 Americans of the 2020 stimulus recipients changed their spending across categories and brands vs. those who did not receive a stimulus check. This new stimulus spending tracker will provide similar unique insights and data for investing decision makers.

When 2020 stimulus checks were issued, Cardify data tracked spending at top consumer brands like Home Depot and Etsy after consumers received funds. At Home Depot, stimulus check recipients spent 200% more after getting funds. As online purchasing fueled Etsy's rise in the pandemic, the online retailer saw spending from federal fund recipients rise more than 300%, compared to prior spending levels.    

As a component of the tracker, Cardify released the results of a check recipient spending intentions survey on March 22, 2021. The survey data shows that 32% will be investing their stimulus check into stocks or cryptocurrencies while 82% of recipients plan to save at least a portion of their checks.

The 2021 Stimulus Tracker will also analyze themes such as the return to travel and ongoing interest for home improvement projects. As the economy reopens and consumers are vaccinated, Cardify's Stimulus Tracker will provide unique, real-time insights on which trends are subject to thrive, and which ones reached their peak during the pandemic.

For more information on the Stimulus Tracker and insights contact [email protected] or this link.

About Cardify:
Cardify is a market research company that unlocks transactional data to provide real-time answers to key business questions. Cardify is powered and owned by Drop Technologies. Based in Toronto, Drop is a personalized rewards program focused on bringing value to its members by making their everyday more rewarding.

SOURCE Cardify.ai