Pandemic pain: Half of Nashville's consumer spending evaporated in just 30 days

May 14, 2020

Credit opportunityinsights.org

NASHVILLE, Tenn. (Mike Osborne) -- New data from Harvard University reveals Nashville has suffered the sharpest pandemic induced drop in consumer spending of any large metro area in the nation.

Harvard researchers say the city’s tourism heavy economy suffered a more than 51 percent drop over 30 days, beginning mid-March. Consumer spending in Nashville was still off by roughly 46 percent the first of May.

By comparison, consumer spending in tourism-heavy Las Vegas was off by just 30 percent on May 1. Consumer spending in Charlotte, NC, considered a Nashville peer city, is off by 29 percent.

Credit opportunityinsights.org

Tennessee as a whole fared much better, especially as compared to other states. Consumer spending statewide bottomed out at 25 percent down by the end of March. However, that spending has since rebounded to just 2 percent off. Compare that to California where consumer spending remains down more than 30 percent.

Here's a link to the full Harvard study