Envestnet | Yodlee Unveils Interactive COVID-19 Spending Tracker

Rhea-AI Summary

Envestnet | Yodlee (NYSE: ENV) has launched an interactive map showcasing trends in American consumer spending across six categories during the COVID-19 pandemic. This tool, part of the COVID-19 Income and Spending Trends initiative, provides updated insights into how economic factors have affected consumer behavior. Categories include Retail, Discretionary, Grocery/Food Delivery, Food & Staples, Restaurants, and Transportation. The map allows users to compare spending insights across all 50 states, visualizing 2020 trends against 2019 data, ultimately aiming to assist businesses and government agencies in informed decision-making.

Positive

• Launch of an interactive map enhancing consumer spending insights.
• Weekly updates provide timely data for analysis.
• Addresses key concerns related to COVID-19 economic impacts.
• Supports informed decision-making for businesses and government.

Negative

• None.

REDWOOD CITY, Calif., Oct. 7, 2020 /PRNewswire/ -- Envestnet | Yodlee, (NYSE: ENV), a leading data aggregation and analytics platform powering dynamic, cloud-based innovation for digital financial services, launched a new interactive map to display key trends on American consumer spending across six industry categories. This tool provides a clear, concise visual of consumer spending trends impacted by the ongoing COVID-19 pandemic and an in-depth look at how the challenging public health and economic environment is financially affecting Americans. The insights used in the interactive map will be updated weekly.

The interactive map will feature insights on the following spending categories:

• Retail – all retail including online marketplaces
• Discretionary – all types of discretionary categories including electronics, entertainment, home improvement, etc.
• Grocery/Food Delivery – independent food delivery service providers
• Food & Staples – spending at supermarkets, hypermarkets and other food retail merchants
• Restaurants – dine-in restaurants
• Transportation – merchants that provide transportation services via air, road or rail

The interactive spending map is part of Envestnet | Yodlee's COVID-19 Income and Spending Trends initiative. Since the onset of the pandemic, Envestnet | Yodlee has been regularly tracking U.S. consumer income and spending trends to provide a powerful tool in decision-making for businesses, individuals and the government to make informed decisions toward helping us all navigate through the COVID-19 crisis. Envestnet | Yodlee's COVID-19 Income and Spending Trends utilize aggregated and de-identified data to provide snapshots of trended patterns.

"We believe that in-depth analysis of these spending trends can be useful to inform individuals, businesses, and government agencies in their decision making as they continue to seek a return to financial stability during this public health and economic crisis," said Bill Parsons, Group President, Data & Analytics at Envestnet | Yodlee. "As we've seen since the start of 2020, the pandemic has had varying degrees of regional economic impact across the United States. With our interactive map, users are able to easily compare spending insights from all 50 states and analyze patterns and behaviors resulting from the pandemic. These insights can help with government policies and business strategy, and make sure we are supporting everyday Americans." 

Envestnet | Yodlee's COVID-19 Income and Spending Trends have shed light on key spending, savings, and income trends for Americans during this crisis. The new interactive map adds a visual component to the insights, allowing users to easily view spending patterns on a state-by-state basis across the six industry categories and visualize 2020 spending trends versus 2019.

About Envestnet

Envestnet, Inc. (NYSE: ENV) is transforming the way financial advice and wellness are delivered. Our mission is to empower advisors and financial service providers with innovative technology, solutions, and intelligence to make financial wellness a reality for everyone. Over 103,000 advisors across more than 4,900 companies including 15 of the 20 largest U.S. banks, 46 of the 50 largest wealth management and brokerage firms, over 500 of the largest RIAs, and hundreds of FinTech companies, leverage the Envestnet platform to grow their businesses and client relationships.

For more information on Envestnet | Yodlee, please visit www.yodlee.com, subscribe to our blog, and follow us on Twitter (@Yodlee) and LinkedIn.

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SOURCE Envestnet | Yodlee

FAQ

What is the new interactive map launched by Envestnet | Yodlee?

Envestnet | Yodlee launched an interactive map that displays key trends in American consumer spending across six categories impacted by COVID-19.

When was the interactive spending map launched?

The interactive spending map was launched on October 7, 2020.

What categories does the spending map cover?

The spending map covers Retail, Discretionary, Grocery/Food Delivery, Food & Staples, Restaurants, and Transportation.

How often will the insights on the map be updated?

The insights on the interactive map will be updated weekly.

How can the interactive map assist businesses and government agencies?

The interactive map provides valuable insights that can help businesses and government agencies make informed decisions to navigate the economic challenges posed by the pandemic.