Insight Flash: CE data shows that ridesharing services provide a needed haven when waiting for mass transit gets too hot.
Across the US, consumers are suffering from one of the hottest summers on record. But not all businesses are suffering. For instance, via our exclusive partnership with weather data provider WeatherOptics, we’ve seen in the past that ridesharing services provide a needed haven when waiting for mass transit gets too hot. This too-hot summer has held up that pattern. Growth for Lyft, Uber, and Ride-Sharing as a whole had been decelerating since January, but picked up with the heat in June and July:
National Ride-Sharing Spend Growth Nationally YoY
Texas Cardholder Summer Spend Growth
The heat wave has been especially brutal in Texas, as Rachel Wolfe writes in The Economic Cost of Houston’s Heat: ‘I Don’t Want to Be Here Anymore’ – WSJ. Amusement Park data from the state is showing that water-themed parks are providing much-needed respite, and saw a similar acceleration in y/y Spend Growth in June and July. Meanwhile Six Flags may be too hot to handle.
Consumer Edge is the leading provider of alternative data for consumer spending behavior, and the only provider of global revenue signals. If you’d like to benefit from using Transact US or other products for ride-sharing, amusement parks, and other industry data year-round to track trends and dynamics like these, reach out to firstname.lastname@example.org.