What is Meniga Consumer Trends?
Meniga Consumer Trends is an index that shows shopping trends in different categories and at different retailers. It works sort of like a stock index — it lets you see how a retailer is doing compared to the market, but based on real-time transaction data.
Meniga Consumer Trends is based on transaction data from consumers that have connected their credit cards to Meniga, the new standard for rewards. Every time a user buys something with a credit card connected to Meniga, we check if that user is eligible for a reward from the store. We also use that transaction to calculate Meniga Consumer Trends for that store, anonymously of course.
How is Meniga Consumer Trends calculated?
Meniga Consumer Trends is based on total sales in Meniga’s system, but adjusted for the number of consumers using Meniga, and divided by an index value, so you can compare companies and categories even if they’re on different scales. The formula is simple:
Total sales S
This is the total sales volume for the company or category, based on spending by consumers that are using Meniga. This value is not shown in Meniga Consumer Trends.
Active users A
This is the number of consumers that are using Meniga, with a 7 day rolling average. This value is not shown in Meniga Consumer Trends.
Market Volume V
V = S/A
This is the total sales volume, adjusted for the total number of active users that Meniga has at that time. This correction is needed because otherwise sales volume would grow with the number of consumers that use Meniga. This value is not shown in Meniga Consumer Trends.
Index value I
I = V/Vindex value
This is the market volume relative to a specific index value. This makes it possible to compare companies and categories, even if they’re on completely different scales, and makes it easier to see trends in sales volume. For example, you can see that a merchant that has Idate = 3.0 at a particular date has grown by 300% compared to the index value. We use the average V for 2018 as the index value. This is the value that’s shown in Meniga Consumer Trends.
What can you use Meniga Consumer Trends for?
Meniga Consumer Trends lets you answer questions about shopping trends and shopping patterns, like ”For which category is Black Friday more important than Christmas?” (Tech) and ”Which day of the week is the most important for restaurants?” (Friday).
Can you see a company’s market share using Meniga Consumer Trends?
No. Meniga Consumer Trends only shows if sales have gone up or down, it doesn’t show how large market share a company has.
Can you see a company’s total sales using Meniga Consumer Trends?
No. Meniga Consumer Trends only shows if sales have gone up or down, it doesn’t show how large the sales are in absolute numbers.
Can you compare two companies total sales using Meniga Consumer Trends?
No. Meniga Consumer Trends only shows how a company is doing compared to itself. It can’t be used to compare total sales between two companies.