{"id":99024,"date":"2024-12-02T12:20:15","date_gmt":"2024-12-02T17:20:15","guid":{"rendered":"https:\/\/www.bloomberg.com\/professional\/insights\/data\/understanding-the-impact-of-inflation-on-consumer-spending\/"},"modified":"2025-01-06T04:38:00","modified_gmt":"2025-01-06T09:38:00","slug":"understanding-the-impact-of-inflation-on-consumer-spending","status":"publish","type":[3762],"link":"https:\/\/www.bloomberg.com\/professional\/insights\/data\/understanding-the-impact-of-inflation-on-consumer-spending\/","title":{"rendered":"Understanding the impact of inflation on consumer spending"},"content":{"rendered":"<div  class=\"bbg-row-container\">\n    <section class=\"bbg-row  text--black row-padding--top-compact row-padding--bottom-none bbg-row--full-bg-bleed\" data-anchor='row-6a09a21acc4b7'>\n        \n        \n        <div\n            class=\"bbg-row--content\"\n                    >\n            \n            <p><div\n    class=\"bbg-column bbg-column--width-7\"\n    style=\"\"\n    >\n    <p><div\n    class=\"bbg-spacer bbg-spacer--lg\"\n    >\n<\/div><div\n\tclass=\"bb-wysiwyg\"\n\t\t>\n\t<p class=\"small\"><strong><span style=\"font-size: 14px; letter-spacing: 1px; color: #0062dd;\">ARTICLE<\/span><\/strong><\/p>\n\n<\/div>\n<div\n    class=\"bbg-spacer bbg-spacer--sm\"\n    >\n<\/div>    <h1 class=\"bbg-metadata bbg-metadata--title\">Understanding the impact of inflation on consumer spending<\/h1>\n<div\n    class=\"bbg-spacer\"\n        style=\"height: 50px !important\"\n    >\n<\/div>    <ul class=\"bbg-categories_list\">\n                    <li>\n                <a href=\"https:\/\/www.bloomberg.com\/professional\/insights\/category\/data\/\" rel=\"category tag\">\n                    Data\n                <\/a>\n            <\/li>\n                    <li>\n                <a href=\"https:\/\/www.bloomberg.com\/professional\/insights\/category\/markets\/\" rel=\"category tag\">\n                    Markets\n                <\/a>\n            <\/li>\n                    <li>\n                <a href=\"https:\/\/www.bloomberg.com\/professional\/insights\/category\/trading\/\" rel=\"category tag\">\n                    Trading\n                <\/a>\n            <\/li>\n            <\/ul>\n<\/p>\n\n<\/div><div\n    class=\"bbg-column bbg-column--width-5\"\n    style=\"\"\n    >\n    <div id=\"\" class=\"wpb_content_element bbg-single-image align-left\">\n    <figure class=\"bbg-single-image__figure\" style=\"max-width:100%\">\n                <img loading=\"lazy\" decoding=\"async\" width=\"1200\" height=\"800\" src=\"https:\/\/assets.bbhub.io\/image\/v1\/resize?width=auto&amp;type=webp&amp;url=https:\/\/assets.bbhub.io\/professional\/sites\/41\/Buildings.jpg\" class=\"bbg-single-image__image attachment-full\" alt=\"Office building\" title=\"Office building\" \/>\n        \n            <\/figure>\n<\/div>\n\n\n\n<\/div>\n\n\n                    <\/div>\n    <\/section>\n<\/div>\n\n<div  class=\"bbg-row-container\">\n    <section class=\"bbg-row  text--black row-padding--top-none row-padding--bottom-none bbg-row--full-bg-bleed\" data-anchor='row-6a09a21ad8b32'>\n        \n        \n        <div\n            class=\"bbg-row--content\"\n                    >\n            \n            <p><div\n    class=\"bbg-column bbg-column--width-2\"\n    style=\"\"\n    >\n    \n<\/div><div\n    class=\"bbg-column bbg-column--width-6 bbg-column--m-width-6\"\n    style=\"\"\n    >\n    <p>    <p class=\"bbg-metadata bbg-metadata--date\">December 2, 2024<\/p>\n<div\n\tclass=\"bb-wysiwyg\"\n\t\t>\n\t<p><strong>Bloomberg Professional Services<\/strong><\/p>\n\n<\/div>\n\n<\/div><div\n    class=\"bbg-column bbg-column--width-2 bbg-column--valign-middle bbg-column--m-width-2 bbg-column--s-padding-right-2\"\n    style=\"\"\n    >\n    <div class=\"bb-tts\"\n\tdata-selector=\"main\"\n\tdata-label=\"Speak this page\"\n\tdata-custom-play=\"Play\"\n\tdata-custom-pause=\"Pause\"\n\tdata-custom-stop=\"Stop\"\n\tdata-overlay=\"false\"\n\tdata-invert=\"false\"\n\tdata-no-time=\"false\"\n\tdata-no-button-text=\"false\"\n\tdata-one-button=\"true\"\n\tdata-one-style=\"true\"\n\tdata-hide-stop=\"true\"\n\tdata-voice=\"Gordon\"\n\tdata-pitch=\"1\"\n\tdata-speed=\"1\"\n\tdata-align=\"flex-start\"\n>\n<\/div>\n\n\n<\/div><div\n    class=\"bbg-column bbg-column--width-2\"\n    style=\"\"\n    >\n    \n<\/div>\n\n\n                    <\/div>\n    <\/section>\n<\/div>\n\n<div  class=\"bbg-row-container\">\n    <section class=\"bbg-row  text--black row-padding--top-compact row-padding--bottom-compact bbg-row--full-bg-bleed\" data-anchor='row-6a09a21adba12'>\n        \n        \n        <div\n            class=\"bbg-row--content\"\n                    >\n            \n            <p><div\n    class=\"bbg-column bbg-column--width-2\"\n    style=\"\"\n    >\n    \n<\/div><div\n    class=\"bbg-column bbg-column--width-8\"\n    style=\"\"\n    >\n    <p><div\n\tclass=\"bb-wysiwyg\"\n\t\t>\n\t<p><span style=\"font-weight: 400;\">While U.S. headline inflation has decreased compared to 2022 and 2023, price increases continue to be a concern for many consumers. This situation impacts sales and traffic<\/span><a href=\"https:\/\/www.bloomberg.com\/news\/articles\/2024-07-25\/consumers-trading-down-staying-home-squeeze-corporate-earnings\" target=\"_blank\" rel=\"noopener\"> <span style=\"font-weight: 400;\">across various industries as consumers seek ways to save money<\/span><\/a><span style=\"font-weight: 400;\">. However, is the easing inflation and promotional offering rolled out by some retailers showing signs of recovery? <\/span><\/p>\n<p><span style=\"font-weight: 400;\">Using the fast-food industry as an example, we analyzed the companies&#8217; performance in the current inflationary environment. To do so, we utilized Bloomberg Investment Research Data Solutions to examine various types of data, including company financials, consensus estimates, industry-specific data, and alternative data, to gain unique insights into industry performance. <\/span><\/p>\n\n<\/div>\n<div\n\tclass=\"bb-wysiwyg\"\n\t\t>\n\t<h2>Impact of inflation on retail sales<\/h2>\n<p><span style=\"font-weight: 400;\">The U.S. headline inflation has decreased from its 2022 peak, reaching 2.4% in September 2024. However, most of the months in 2024 YTD experienced downward revisions in U.S. retail sales, indicating increased financial pressure among consumers (Chart 1). <\/span><\/p>\n\n<\/div>\n<div id=\"\" class=\"wpb_content_element bbg-single-image align-left\">\n    <figure class=\"bbg-single-image__figure\" style=\"max-width:100%\">\n                <img loading=\"lazy\" decoding=\"async\" width=\"1812\" height=\"1132\" src=\"https:\/\/assets.bbhub.io\/image\/v1\/resize?width=auto&amp;type=webp&amp;url=https:\/\/assets.bbhub.io\/professional\/sites\/41\/Screenshot-2024-11-12-at-4.24.11%E2%80%AFPM.png\" class=\"bbg-single-image__image attachment-full\" alt=\"\" title=\"Screenshot-2024-11-12-at-4.24.11\u202fPM\" srcset=\"https:\/\/assets.bbhub.io\/image\/v1\/resize?width=auto&amp;type=webp&amp;url=https:\/\/assets.bbhub.io\/professional\/sites\/41\/Screenshot-2024-11-12-at-4.24.11%E2%80%AFPM.png 1812w, https:\/\/assets.bbhub.io\/image\/v1\/resize?width=auto&amp;type=webp&amp;url=https:\/\/assets.bbhub.io\/professional\/sites\/41\/Screenshot-2024-11-12-at-4.24.11%E2%80%AFPM.png 552w, https:\/\/assets.bbhub.io\/image\/v1\/resize?width=auto&amp;type=webp&amp;url=https:\/\/assets.bbhub.io\/professional\/sites\/41\/Screenshot-2024-11-12-at-4.24.11%E2%80%AFPM.png 800w, https:\/\/assets.bbhub.io\/image\/v1\/resize?width=auto&amp;type=webp&amp;url=https:\/\/assets.bbhub.io\/professional\/sites\/41\/Screenshot-2024-11-12-at-4.24.11%E2%80%AFPM.png 768w, https:\/\/assets.bbhub.io\/image\/v1\/resize?width=auto&amp;type=webp&amp;url=https:\/\/assets.bbhub.io\/professional\/sites\/41\/Screenshot-2024-11-12-at-4.24.11%E2%80%AFPM.png 1536w\" sizes=\"auto, (max-width: 1812px) 100vw, 1812px\" \/>\n        \n            <\/figure>\n<\/div>\n\n<\/div>\n\n\n                    <\/div>\n    <\/section>\n<\/div>\n\n<div  class=\"bbg-row-container\">\n    <section class=\"bbg-row  text--white row-padding--top-none row-padding--bottom-none bbg-row--margin-top-compact bbg-row--margin-bottom-compact bbg-row--full-bg-bleed\" data-anchor='row-6a09a21ae0630'>\n        \n        \n        <div\n            class=\"bbg-row--content\"\n                    >\n            \n            <div\n    class=\"bbg-column\"\n    style=\"\"\n    >\n    <div class=\"bbg-interstitial\" aria-label=\"interstitial\" tabindex=\"0\">\n\t<style>\n\t\t.bbg-interstitial #card_1.bbg-card_hasCta{\n\t\t\tbackground: url(https:\/\/assets.bbhub.io\/image\/v1\/resize?width=auto&amp;type=webp&amp;url=https:\/\/assets.bbhub.io\/professional\/sites\/41\/Interstitial_bg.png);\n\t\t\t\tbackground-repeat: no-repeat;\n\t\t\t\tbackground-position: center center;\n\t\t\t\tbackground-size: cover;\n\t\t\tpadding: 104px;\n\t\t\t\n\t\t\t\n\t\t}\n\t\t.bbg-interstitial #card_1.bbg-card_hasCta .bbg-card__content, .bbg-interstitial #card_1.bbg-card_hasCta .bbg-card__content p{\n\t\t\tcolor:white;\n\t\t}\n\t\t@media (max-width: 768px) {\n\t\t\t.bbg-interstitial #card_1.bbg-card_hasCta{\n\t\t\t\tpadding: 80px 32px;\n\t\t\t}\n\t\t}\n\t\t@media (max-width: 480px) {\n\t\t\t.bbg-interstitial #card_1.bbg-card_hasCta{\n\t\t\t\tpadding: 80px 18px;\n\t\t\t}\n\t\t}\n\t<\/style>\n\t<div class=\"wpb_content_element bbg-card  bbg-card-dark bbg-card_hasCta has_interstitial\" id=\"card_1\" data-card_type=\"no_image\">\n  \n  \n  <div class=\"bbg-card__innerwrapper\">\n    <div class=\"bbg-card__content\">\n      \n      \n                      <h3 class=\"bbg-card__title\">Empower your work with Enterprise Data & Technology monthly insights<\/h3>\n      \n              <div class=\"bbg-card__wysiwyg bb-wysiwyg\"><p>Sign up for the newsletter <\/p>\n<\/div>\n          <\/div>\n\n          \n<div\n  id=\"cta_5041109451763984313\"\n  class=\"wpb_content_element bbg-cta icon icon-arrow\">\n  <style>\n    \n    \n    \n  <\/style>\n  <div\n    class=\"bbg-cta-link link-holder\"\n    data-links-type=\"cta-links\">\n    <p class=\"bbg-cta-p right\">\n      <a\n        class=\"bbg-cta-link link interstitial_cta\"\n        href=\"https:\/\/www.bloomberg.com\/professional\/insights\/newsletter\/enterprise-data-and-tech\/\"\n        target=\"\"\n        rel=\"\"\n        data-section-name=\"\"\n                role=\"button\"\n        aria-label=\"Learn more\"\n        >\n                <\/a>\n    <\/p>\n  <\/div>\n<\/div>\n\n      <\/div>\n\n  <\/div>\n\n<\/div>\n\n\n<\/div>\n\n\n                    <\/div>\n    <\/section>\n<\/div>\n\n<div  class=\"bbg-row-container\">\n    <section class=\"bbg-row  text--black row-padding--top-compact row-padding--bottom-none bbg-row--full-bg-bleed\" data-anchor='row-6a09a21ae6238'>\n        \n        \n        <div\n            class=\"bbg-row--content\"\n                    >\n            \n            <p><div\n    class=\"bbg-column bbg-column--width-2\"\n    style=\"\"\n    >\n    \n<\/div><div\n    class=\"bbg-column bbg-column--width-8\"\n    style=\"\"\n    >\n    <div\n\tclass=\"bb-wysiwyg\"\n\t\t>\n\t<h2>Continued weakness in quarterly results<\/h2>\n<p><span style=\"font-weight: 400;\">In the Q2 2024 earnings season, nearly all of the seven biggest U.S. fast food chains posted weaker than expected results. Restaurant Brands International Inc, the owner of Burger King, beat consensus estimates for overall top-line sales but missed on same-store-sales, a key metric for restaurants which measures the sales growth for stores opened for more than 13 months (Chart 2).\u00a0 <\/span><\/p>\n\n<\/div>\n<div id=\"\" class=\"wpb_content_element bbg-single-image align-center\">\n    <figure class=\"bbg-single-image__figure\" style=\"max-width:100%\">\n                <img loading=\"lazy\" decoding=\"async\" width=\"1934\" height=\"1110\" src=\"https:\/\/assets.bbhub.io\/image\/v1\/resize?width=auto&amp;type=webp&amp;url=https:\/\/assets.bbhub.io\/professional\/sites\/41\/Screenshot-2024-11-12-at-4.26.48%E2%80%AFPM.png\" class=\"bbg-single-image__image attachment-full\" alt=\"Earnings Surprises for Fast Food Restaurants - Earnings Season Q2 2024\" title=\"Earnings Surprises for Fast Food Restaurants - Earnings Season Q2 2024\" srcset=\"https:\/\/assets.bbhub.io\/image\/v1\/resize?width=auto&amp;type=webp&amp;url=https:\/\/assets.bbhub.io\/professional\/sites\/41\/Screenshot-2024-11-12-at-4.26.48%E2%80%AFPM.png 1934w, https:\/\/assets.bbhub.io\/image\/v1\/resize?width=auto&amp;type=webp&amp;url=https:\/\/assets.bbhub.io\/professional\/sites\/41\/Screenshot-2024-11-12-at-4.26.48%E2%80%AFPM.png 552w, https:\/\/assets.bbhub.io\/image\/v1\/resize?width=auto&amp;type=webp&amp;url=https:\/\/assets.bbhub.io\/professional\/sites\/41\/Screenshot-2024-11-12-at-4.26.48%E2%80%AFPM.png 800w, https:\/\/assets.bbhub.io\/image\/v1\/resize?width=auto&amp;type=webp&amp;url=https:\/\/assets.bbhub.io\/professional\/sites\/41\/Screenshot-2024-11-12-at-4.26.48%E2%80%AFPM.png 768w, https:\/\/assets.bbhub.io\/image\/v1\/resize?width=auto&amp;type=webp&amp;url=https:\/\/assets.bbhub.io\/professional\/sites\/41\/Screenshot-2024-11-12-at-4.26.48%E2%80%AFPM.png 1536w\" sizes=\"auto, (max-width: 1934px) 100vw, 1934px\" \/>\n        \n            <\/figure>\n<\/div>\n\n<div\n\tclass=\"bb-wysiwyg\"\n\t\t>\n\t<p><span style=\"font-weight: 400;\">Analyzing the point-in-time consensus estimate, analysts have significantly revised downward the same-store sales outlook for all restaurants for the year 2024, with Restaurant Brands International experiencing the most substantial revision. <\/span><\/p>\n\n<\/div>\n<div id=\"\" class=\"wpb_content_element bbg-single-image align-center\">\n    <figure class=\"bbg-single-image__figure\" style=\"max-width:100%\">\n                <img loading=\"lazy\" decoding=\"async\" width=\"943\" height=\"571\" src=\"https:\/\/assets.bbhub.io\/image\/v1\/resize?width=auto&amp;type=webp&amp;url=https:\/\/assets.bbhub.io\/professional\/sites\/41\/Screenshot-2024-11-15-at-10.39.25%E2%80%AFAM.png\" class=\"bbg-single-image__image attachment-full\" alt=\"Point-in-Time Consensus Estimate for Fast Food Restaurants&#039; Same Store Sales - 2024 YTD\" title=\"Point-in-Time Consensus Estimate for Fast Food Restaurants&#039; Same Store Sales - 2024 YTD\" srcset=\"https:\/\/assets.bbhub.io\/image\/v1\/resize?width=auto&amp;type=webp&amp;url=https:\/\/assets.bbhub.io\/professional\/sites\/41\/Screenshot-2024-11-15-at-10.39.25%E2%80%AFAM.png 943w, https:\/\/assets.bbhub.io\/image\/v1\/resize?width=auto&amp;type=webp&amp;url=https:\/\/assets.bbhub.io\/professional\/sites\/41\/Screenshot-2024-11-15-at-10.39.25%E2%80%AFAM.png 552w, https:\/\/assets.bbhub.io\/image\/v1\/resize?width=auto&amp;type=webp&amp;url=https:\/\/assets.bbhub.io\/professional\/sites\/41\/Screenshot-2024-11-15-at-10.39.25%E2%80%AFAM.png 800w, https:\/\/assets.bbhub.io\/image\/v1\/resize?width=auto&amp;type=webp&amp;url=https:\/\/assets.bbhub.io\/professional\/sites\/41\/Screenshot-2024-11-15-at-10.39.25%E2%80%AFAM.png 100w, https:\/\/assets.bbhub.io\/image\/v1\/resize?width=auto&amp;type=webp&amp;url=https:\/\/assets.bbhub.io\/professional\/sites\/41\/Screenshot-2024-11-15-at-10.39.25%E2%80%AFAM.png 768w\" sizes=\"auto, (max-width: 943px) 100vw, 943px\" \/>\n        \n            <\/figure>\n<\/div>\n\n<div\n\tclass=\"bb-wysiwyg\"\n\t\t>\n\t<h2>Using alternative data to anticipate sales surprise<\/h2>\n<p><span style=\"font-weight: 400;\">Alternative data, such as credit card transaction data, can provide intra-quarter insights on company performance ahead of earnings announcements. For example, in the case of Yum! Brands, our analysis shows a divergence between observed sales from alternative data and analysts\u2019 consensus estimates. Chart 4 shows a consistent lower read from Bloomberg Second Measure data for Yum! Brands compared to consensus estimates for 2024 Q3, indicating that Yum! Brands could have a negative sales surprise for the quarter.\u00a0<\/span><span style=\"font-weight: 400;\">\u00a0<\/span><\/p>\n\n<\/div>\n<div id=\"\" class=\"wpb_content_element bbg-single-image align-center\">\n    <figure class=\"bbg-single-image__figure\" style=\"max-width:100%\">\n                <img loading=\"lazy\" decoding=\"async\" width=\"934\" height=\"580\" src=\"https:\/\/assets.bbhub.io\/image\/v1\/resize?width=auto&amp;type=webp&amp;url=https:\/\/assets.bbhub.io\/professional\/sites\/41\/Screenshot-2024-11-15-at-10.26.30%E2%80%AFAM.png\" class=\"bbg-single-image__image attachment-full\" alt=\"Observed Sales vs Reported Actual and Consensus Estimate Sales for Yum! Brands\" title=\"Observed Sales vs Reported Actual and Consensus Estimate Sales  for Yum! Brands\" srcset=\"https:\/\/assets.bbhub.io\/image\/v1\/resize?width=auto&amp;type=webp&amp;url=https:\/\/assets.bbhub.io\/professional\/sites\/41\/Screenshot-2024-11-15-at-10.26.30%E2%80%AFAM.png 934w, https:\/\/assets.bbhub.io\/image\/v1\/resize?width=auto&amp;type=webp&amp;url=https:\/\/assets.bbhub.io\/professional\/sites\/41\/Screenshot-2024-11-15-at-10.26.30%E2%80%AFAM.png 552w, https:\/\/assets.bbhub.io\/image\/v1\/resize?width=auto&amp;type=webp&amp;url=https:\/\/assets.bbhub.io\/professional\/sites\/41\/Screenshot-2024-11-15-at-10.26.30%E2%80%AFAM.png 800w, https:\/\/assets.bbhub.io\/image\/v1\/resize?width=auto&amp;type=webp&amp;url=https:\/\/assets.bbhub.io\/professional\/sites\/41\/Screenshot-2024-11-15-at-10.26.30%E2%80%AFAM.png 768w\" sizes=\"auto, (max-width: 934px) 100vw, 934px\" \/>\n        \n            <\/figure>\n<\/div>\n\n<div\n\tclass=\"bb-wysiwyg\"\n\t\t>\n\t<p><span style=\"font-weight: 400;\">Chart 5 shows the reported earnings of the most recent 15 quarters for Yum! Brand; 80% of the time Bloomberg Second Measure pointed in the right direction, while consensus was either over or under estimating earnings.<\/span><\/p>\n\n<\/div>\n<div id=\"\" class=\"wpb_content_element bbg-single-image align-center\">\n    <figure class=\"bbg-single-image__figure\" style=\"max-width:100%\">\n                <img loading=\"lazy\" decoding=\"async\" width=\"899\" height=\"555\" src=\"https:\/\/assets.bbhub.io\/image\/v1\/resize?width=auto&amp;type=webp&amp;url=https:\/\/assets.bbhub.io\/professional\/sites\/41\/Screenshot-2024-11-15-at-10.27.32%E2%80%AFAM.png\" class=\"bbg-single-image__image attachment-full\" alt=\"Observed Sales vs Sales Revenue Surprise for Yum! Brands\" title=\"Observed Sales vs Sales Revenue Surprise for Yum! Brands\" srcset=\"https:\/\/assets.bbhub.io\/image\/v1\/resize?width=auto&amp;type=webp&amp;url=https:\/\/assets.bbhub.io\/professional\/sites\/41\/Screenshot-2024-11-15-at-10.27.32%E2%80%AFAM.png 899w, https:\/\/assets.bbhub.io\/image\/v1\/resize?width=auto&amp;type=webp&amp;url=https:\/\/assets.bbhub.io\/professional\/sites\/41\/Screenshot-2024-11-15-at-10.27.32%E2%80%AFAM.png 552w, https:\/\/assets.bbhub.io\/image\/v1\/resize?width=auto&amp;type=webp&amp;url=https:\/\/assets.bbhub.io\/professional\/sites\/41\/Screenshot-2024-11-15-at-10.27.32%E2%80%AFAM.png 800w, https:\/\/assets.bbhub.io\/image\/v1\/resize?width=auto&amp;type=webp&amp;url=https:\/\/assets.bbhub.io\/professional\/sites\/41\/Screenshot-2024-11-15-at-10.27.32%E2%80%AFAM.png 768w\" sizes=\"auto, (max-width: 899px) 100vw, 899px\" \/>\n        \n            <\/figure>\n<\/div>\n\n<div\n\tclass=\"bb-wysiwyg\"\n\t\t>\n\t<h2>Getting an early read on company performance<\/h2>\n<p><span style=\"font-weight: 400;\">By using <\/span><span style=\"font-weight: 400;\">Bloomberg Second Measure transaction data analytics, <\/span><a href=\"https:\/\/www.bloomberg.com\/company\/press\/bloomberg-makes-proprietary-alternative-data-available-alongside-traditional-enterprise-content\/\" target=\"_blank\" rel=\"noopener\"><span style=\"font-weight: 400;\">available<\/span><\/a><span style=\"font-weight: 400;\"> via <\/span><a href=\"https:\/\/www.bloomberg.com\/professional\/products\/data\/data-management\/data-license\/\" target=\"_blank\" rel=\"noopener\"><span style=\"font-weight: 400;\">Bloomberg Data License<\/span><\/a><span style=\"font-weight: 400;\"> and delivered daily with a 3-day lag and via Bloomberg Terminal ALTD &lt;GO&gt; function with a 7-day lag<\/span><span style=\"font-weight: 400;\">, <\/span><span style=\"font-weight: 400;\">investors can get an early read on the observed U.S. sales performance of companies within the quarter and see the observed U.S. sales for retail events, such as the introduction of promotional offers.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Chart 6 shows the trailing 28-day observed sales change year-over-year for McDonald\u2019s. After the company <\/span><a href=\"https:\/\/www.bloomberg.com\/news\/articles\/2024-05-10\/mcdonald-s-mcd-readies-5-meal-bundle-to-lure-diners-back-into-stores\" target=\"_blank\" rel=\"noopener\"><span style=\"font-weight: 400;\">announced the five dollar value meal<\/span><\/a><span style=\"font-weight: 400;\"> to attract customers at the end of June 2024, we observed a turnaround of the observed sales. <\/span><\/p>\n\n<\/div>\n<div id=\"\" class=\"wpb_content_element bbg-single-image align-center\">\n    <figure class=\"bbg-single-image__figure\" style=\"max-width:100%\">\n                <img loading=\"lazy\" decoding=\"async\" width=\"942\" height=\"585\" src=\"https:\/\/assets.bbhub.io\/image\/v1\/resize?width=auto&amp;type=webp&amp;url=https:\/\/assets.bbhub.io\/professional\/sites\/41\/Screenshot-2024-11-15-at-10.28.31%E2%80%AFAM.png\" class=\"bbg-single-image__image attachment-full\" alt=\"McDonald&#039;s - Trailing 28-day Observed Sales Change Year-over-Year\" title=\"McDonald&#039;s - Trailing 28-day Observed Sales Change Year-over-Year\" srcset=\"https:\/\/assets.bbhub.io\/image\/v1\/resize?width=auto&amp;type=webp&amp;url=https:\/\/assets.bbhub.io\/professional\/sites\/41\/Screenshot-2024-11-15-at-10.28.31%E2%80%AFAM.png 942w, https:\/\/assets.bbhub.io\/image\/v1\/resize?width=auto&amp;type=webp&amp;url=https:\/\/assets.bbhub.io\/professional\/sites\/41\/Screenshot-2024-11-15-at-10.28.31%E2%80%AFAM.png 552w, https:\/\/assets.bbhub.io\/image\/v1\/resize?width=auto&amp;type=webp&amp;url=https:\/\/assets.bbhub.io\/professional\/sites\/41\/Screenshot-2024-11-15-at-10.28.31%E2%80%AFAM.png 800w, https:\/\/assets.bbhub.io\/image\/v1\/resize?width=auto&amp;type=webp&amp;url=https:\/\/assets.bbhub.io\/professional\/sites\/41\/Screenshot-2024-11-15-at-10.28.31%E2%80%AFAM.png 768w\" sizes=\"auto, (max-width: 942px) 100vw, 942px\" \/>\n        \n            <\/figure>\n<\/div>\n\n<div\n\tclass=\"bb-wysiwyg\"\n\t\t>\n\t<h2>Data solutions<\/h2>\n<p><span style=\"font-weight: 400;\">Interested in deriving data-driven insights to track company performance? Bloomberg\u2019s Investment Research Data Solutions include a suite of products such as <\/span><a href=\"https:\/\/www.bloomberg.com\/professional\/products\/data\/enterprise-catalog\/cofi\/\"><span style=\"font-weight: 400;\">Company Financials, Estimates and Pricing Point-in-Time<\/span><\/a><span style=\"font-weight: 400;\"> and Industry Specific Company Financials and Estimates PiT products, covering a broad universe of companies and providing deep actionable insights, which seamlessly integrate with other datasets including alternative data such as Bloomberg Second Measure transaction data so clients can easily build company and industry knowledge graphs.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Bloomberg <\/span><a href=\"https:\/\/www.bloomberg.com\/professional\/products\/data\/data-management\/data-license\/\"><span style=\"font-weight: 400;\">Data License<\/span><\/a><span style=\"font-weight: 400;\"> provides billions of data points daily spanning Reference, ESG, Pricing, Risk, Regulation, Fundamentals, Estimates, Historical data and more to help you streamline operations and discover new investment opportunities. Data License content aligns with the data on the Bloomberg Terminal to support investment workflows consistently and at scale across your enterprise.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Bloomberg\u2019s Investment Research Data Solutions also comes with a python UDM* API tool which helps to simplify data query process and wrangling. One important feature is auto-completion of fields helping researchers and data scientists with data discoverability (Chart 7).<\/span><\/p>\n<p><em>*Unified Data Model, a Bloomberg proprietary data model helping its clients with an advanced data model to link all datasets into Entities, Instruments, Markets and Pricing. <\/em><\/p>\n\n<\/div>\n<div id=\"\" class=\"wpb_content_element bbg-single-image align-center\">\n    <figure class=\"bbg-single-image__figure\" style=\"max-width:100%\">\n                <img loading=\"lazy\" decoding=\"async\" width=\"901\" height=\"686\" src=\"https:\/\/assets.bbhub.io\/image\/v1\/resize?width=auto&amp;type=webp&amp;url=https:\/\/assets.bbhub.io\/professional\/sites\/41\/Screenshot-2024-11-15-at-10.29.26%E2%80%AFAM.png\" class=\"bbg-single-image__image attachment-full\" alt=\"Unified Data Model Python API Code Snippet, showing auto-completion capabilities to simplify data discoverability\" title=\"Unified Data Model Python API Code Snippet, showing auto-completion capabilities to simplify data discoverability\" srcset=\"https:\/\/assets.bbhub.io\/image\/v1\/resize?width=auto&amp;type=webp&amp;url=https:\/\/assets.bbhub.io\/professional\/sites\/41\/Screenshot-2024-11-15-at-10.29.26%E2%80%AFAM.png 901w, https:\/\/assets.bbhub.io\/image\/v1\/resize?width=auto&amp;type=webp&amp;url=https:\/\/assets.bbhub.io\/professional\/sites\/41\/Screenshot-2024-11-15-at-10.29.26%E2%80%AFAM.png 552w, https:\/\/assets.bbhub.io\/image\/v1\/resize?width=auto&amp;type=webp&amp;url=https:\/\/assets.bbhub.io\/professional\/sites\/41\/Screenshot-2024-11-15-at-10.29.26%E2%80%AFAM.png 800w, https:\/\/assets.bbhub.io\/image\/v1\/resize?width=auto&amp;type=webp&amp;url=https:\/\/assets.bbhub.io\/professional\/sites\/41\/Screenshot-2024-11-15-at-10.29.26%E2%80%AFAM.png 768w\" sizes=\"auto, (max-width: 901px) 100vw, 901px\" \/>\n        \n            <\/figure>\n<\/div>\n\n<div\n\tclass=\"bb-wysiwyg\"\n\t\t>\n\t<p><span style=\"font-size: 10px;\"><em>The data included in these materials are for illustrative purposes only. The BLOOMBERG TERMINAL service and Bloomberg data products (the \u201cServices\u201d) are owned and distributed by Bloomberg Finance L.P. (\u201cBFLP\u201d) except (i) in Argentina, Australia and certain jurisdictions in the Pacific Islands, Bermuda, China, India, Japan, Korea and New Zealand, where Bloomberg L.P. and its subsidiaries (\u201cBLP\u201d) distribute these products, and (ii) in Singapore and the jurisdictions serviced by Bloomberg\u2019s Singapore office, where a subsidiary of BFLP distributes these products. BLP provides BFLP and its subsidiaries with global marketing and operational support and service. Certain features, functions, products and services are available only to sophisticated investors and only where permitted. BFLP, BLP and their affiliates do not guarantee the accuracy of prices or other information in the Services. Nothing in the Services shall constitute or be construed as an offering of financial instruments by BFLP, BLP or their affiliates, or as investment advice or recommendations by BFLP, BLP or their affiliates of an investment strategy or whether or not to \u201cbuy\u201d, \u201csell\u201d or \u201chold\u201d an investment. Information available via the Services should not be considered as information sufficient upon which to base an investment decision. The following are trademarks and service marks of BFLP, a Delaware limited partnership, or its subsidiaries: BLOOMBERG, BLOOMBERG ANYWHERE, BLOOMBERG MARKETS, BLOOMBERG NEWS, BLOOMBERG PROFESSIONAL, BLOOMBERG TERMINAL and BLOOMBERG.COM. Absence of any trademark or service mark from this list does not waive Bloomberg\u2019s intellectual property rights in that name, mark or logo. All rights reserved. \u00a9 2024 Bloomberg.<\/em><\/span><br \/>\n<span style=\"font-size: 10px;\"><em>For each company, the predictive accuracy of Bloomberg Second Measure&#8217;s (\u201cBBSM\u201d) estimates will typically vary over time. BBSM does not guarantee that the accuracy levels, trends or correlations illustrated by the examples in this document will recur for any company in the future. The estimates have been generated by running a standard nonproprietary formula on analytical data about past consumer transactions. BBSM makes available information about this formula to Bloomberg Second Measure clients and the analytical data is also accessible to such clients.<\/em><\/span><\/p>\n\n<\/div>\n\n<\/div>\n\n\n                    <\/div>\n    <\/section>\n<\/div>\n\n<div  class=\"bbg-row-container\">\n    <style>section[data-anchor=row-6a09a21b05037]::before {\n\t\t\t\tbackground-color: #f4f4f9;\n\t\t\t}<\/style>\n    <section class=\"bbg-row bg--custom-color  bg--f4f4f9 text--black bbg-row--full-bg-bleed\" data-anchor='row-6a09a21b05037'>\n        \n        \n        <div\n            class=\"bbg-row--content\"\n                    >\n            \n            <p><div\n    class=\"bbg-column bbg-column--width-8\"\n    style=\"\"\n    >\n    <div\n\tclass=\"bb-wysiwyg\"\n\t\t>\n\t<h3>Related Content<\/h3>\n\n<\/div>\n\n\n<\/div><div\n    class=\"bbg-column bbg-column--width-4 bbg-column--halign-right\"\n    style=\"\"\n    >\n    \n<div\n  id=\"cta_1439936244579863424\"\n  class=\"wpb_content_element 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Using the fast-food industry as an example, we analyzed the companies&#8217; performance in the current inflationary environment.<\/p>\n","protected":false},"author":1935,"featured_media":101959,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"template-article.php","format":"standard","meta":{"_yoast_wpseo_primary_category":"435","footnotes":""},"categories":[435,453,444],"tags":[572,463,3698,456,445],"series":[],"class_list":["post-99024","post","type-post","status-publish","format-standard","hentry","category-data","category-markets","category-trading","tag-alternative-data","tag-data-science-quant","tag-enterprise-tech-and-data","tag-portfolio-management","tag-sales-and-trading","type-article"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v19.11 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Understanding the impact of inflation on consumer spending | Insights | Bloomberg Professional Services<\/title>\n<meta name=\"description\" content=\"While U.S. headline inflation has decreased compared to 2022 and 2023, price increases continue to be a concern for many consumers. Using the fast-food industry as an example, we analyzed the companies&#039; performance in the current inflationary environment.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.bloomberg.com\/professional\/insights\/data\/understanding-the-impact-of-inflation-on-consumer-spending\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Understanding the impact of inflation on consumer spending | Insights | Bloomberg Professional Services\" \/>\n<meta property=\"og:description\" content=\"While U.S. headline inflation has decreased compared to 2022 and 2023, price increases continue to be a concern for many consumers. 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