Trump counties are taking over more of the spending load from Clinton counties, according to RBC Capital Markets.
Donald Trump voters and Hillary Clinton voters are putting their money to work differently postelection.
We've noted that consumer confidence has become highly politicized, with Republicans extremely optimistic about the future of the economy and Democrats' confidence dropping off a cliff.
It appears that has also translated into their spending, according to a note from Nik Modi at RBC Capital Markets. Based on data from InfoScout, Trump voters have increased their share of spending on fast-moving consumer goods like soft drinks, aspirin, and toilet paper, according to the note.
"The data suggested that counties primarily inhabited by Trump supporters are seeing a greater share of total spending (+0.4 percentage points), which compares to -0.4 for counties who primarily voted for Clinton," Modi said in a note to clients.
While the difference isn't large, it could be significant, according to Modi.
"We point out that while the difference is subtle, it can have a national impact, as consumer preferences are different across regions and current spending patterns skew more rural," the note said. "In fact, our recent channel work across our entire coverage shows trends in Trump states (Texas, Florida, South Carolina, and Kentucky) are outperforming heavy Clinton-supporting states such as California and New York."
Interestingly, data released on Friday showed that real personal spending, an inflation-adjusted measure of consumption, decreased by 0.1% in February. So while the sentiment surveys may be soaring, that hasn't shown up in the data just yet.