On October 6th, California taxpayers began receiving Middle Class Tax Refund (MCTR) payments amounting to as much as $1,050 from the state. The payment followed three economic impact payments from the federal government throughout the pandemic and an additional two from California’s Golden State Stimulus program. California was one of 19 states sending inflation-relief payments via tax rebates and payments. In its wake, clients wanted to know:

• How did non-essential discretionary spending change in the wake of MCTR checks
• Did consumers spend their inflation relief checks on essential consumer goods
• Which retailers experienced the biggest benefit from MCTR spending
• Were restaurants impacted by inflation relief check spending

They turned to Earnest Analytics dashboards and Direct Feed data to answer these questions. The data includes sales records for individual, anonymous households across their credit and debit card accounts that can provide a holistic view of shopper purchases. Direct Feed data is ideal for customer cohorting based on income, including government payments, to gain a full understanding of what is driving market dynamics among investment platforms.