Consumers have been pulling back spending lately on a range of goods. But they're still having lots of stuff delivered, DoorDash, Instacart, and Uber earnings show. Shoppers are cutting back spending on everything from snacks to washing machines.
But when they do buy something, they're still willing to have it shipped right to their doorstep, earnings from the major delivery companies suggest. During Uber's second quarter, "the number of first-time consumers on Uber Eats in the US was higher than at any point over the past 5 quarters," CEO Dara Khosrowshahi said during a call on Tuesday. Later in the day, Instacart reported a 10% jump in the value of transactions on its platform during the second quarter.
Most of that increase came as customers placed more orders, CEO Fidji Simo said on a call with analysts. And Instacart's average order value during the quarter was $106 — the highest in about three years, Gordon Haskett analyst Robert Mollins wrote in a research note on Wednesday. The two reports follow similar results from DoorDash last week.
Total orders rose 19% during the company's second quarter, it said on August 1. Shoppers are also still dealing with historically high prices, especially for food, even though inflation has slowed over the last few months. And delivery, especially through third-party services, often costs customers extra compared to picking something up at a store.
One Instacart customer posted on TikTok after finding out that she paid nearly $100 mo.