U.S. Internet / Data Science & Applied AI: Some Slowdown in Spend in April

Research evidence excerpt

U.S. Internet / Data Science & Applied AI: Some Slowdown in Spend in April

Equity Research

14 May 2026

U.S. Internet / Data Science & Applied AI

Some Slowdown in Spend in April

Our US credit card data for April shows continued resilience in

total goods spend overall, but clearly some deceleration as

the month progressed. Easter spend timing (March vs. April), China Technology POSITIVE

inflation worries and waning personal income tax refund U.S. Internet

bump possible culprits. POSITIVE

U.S. Internet

Trevor Young, CFAThe following companies are not under coverage by Barclays Research: Poshmark (owned by

+1 212 526 3098

Naver), Shein (private) and TikTok Shop (private). Information about these companies is being

trevor.young@barclays.com

provided for information purposes only and is not an investment recommendation by Barclays BCI, US

Research.

Ross Sandler

The Key Takeaway: Our US credit card data was choppy throughout April, with a strong start +1 415 263 4470

ross.sandler@barclays.combut softer finish to the month, resulting in a slight deceleration of total goods spend into mid-

BCI, US

single-digit territory. We're not surprised by the slowdown, given the Iran conflict persisting,

inflationary pressures ticking up and perhaps a bit of noise in March vs. April due to the timing Data Science & Applied AI

of Easter (fell in early April this year, with spend likely coming in March); overall, the demand Haviland Sheldahl-Thomason(iv)

backdrop still seems to be holding up ok. Amazon/eBay spend was softer in the middle and end +1 212 526 0916

of the month, while Shein/Temu flipped from low-20% declines at the start of April to positive haviland.sheldahl-thomason@barclays.com

growth by month-end. We're still lapping the "Liberation Day" policy fluctuations, which is BCI, US