doxo’s new online data resource provides bill spending, economic benchmarks, and market size data down to the hyper-local level, offering economic transparency never before available
doxo, the innovative web and mobile bill pay service, announced the launch of doxoINSIGHTS Explorer, the first-ever online data tool that uncovers household bill pay spending statistics, benchmarking, and market size for every city, county, and state across the United States.
“Household bills comprise the most critical financial obligations of American households and the income consumed to pay these bills is the primary determinant of consumer financial health. Our doxoINSIGHTS Explorer, for the first time, makes these vital financial statistics transparent, enabling insight and comparison across every region in the country”
Through the easy-to-navigate tool, doxoINSIGHTS Explorer unveils doxo’s proprietary household bill pay data at a hyper-local level, enabling the deepest and most complete picture of the most essential financial obligations of U.S. households.
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For each location, doxoINSIGHTS Explorer offers a look at the aggregate basket and categorization of the ten most essential household bills – Utilities (water, electric, gas and waste), Cable & Phone, Mobile Phone, Auto Loans, Auto Insurance, Life Insurance, Health Insurance, Alarm & Security, Rent, and Mortgage. For each state, county and city, doxoINSIGHTS Explorer incorporates the following comparisons:
- Total Spend and Proportion of Household Income: for each region, a standard basket of the most essential household bills enables comparison by total dollar amount and as a percent of local household income.
- Bill Spending Breakdown for Each Essential Household Bill: itemization of the local average for each of the ten most essential household bills (outlined above), with comparison to the national average.
- The “Bill Pay Cost of Living” Indexed and Ranked for Every City, County and State: every regional market ranked and compared in terms of amount spent on essential bills in absolute terms and relative to local household income levels.
In addition to the above, doxoINSIGHTS Explorer offers a look at how and when residents typically pay their bills, and which local bill pay service providers see the most volume in terms of payments.
doxoINSIGHTS Explorer Offers Transparency Into the Most Essential Household Financial Obligations – Benefiting Consumers, Billers, Economists, Market Analysts and Policy Makers
doxoINSIGHTS leverages doxo’s unique, aggregate, anonymized bill pay data consisting of the actual bill payment activity for more than 8 million doxo users to more than 120,000 household bill pay service providers. Designed to provide insight into the $3.8 trillion American households spend on recurring bills, this foundation of validated payment behavior brings together the largest and most comprehensive data set available for analyzing actual household payment activity.
The data, made visible through doxoINSIGHTS Explorer, has never been available to the public in this manner, and provides unique and unprecedented visibility for the most fundamental financial obligations of U.S. households. With a seamless search experience, doxoINSIGHTS Explorer benefits a number of audiences who are interested in transparency surrounding bill pay, specifically:
- Consumers who want to understand how their cost of living and spending on individual bills compares to others in their local area and other locations.
- Billers/Service Providers who want to understand their market share relative to other service providers and to compare consumer spend within their competitive ecosystem.
- Financial Institutions who want to gain greater insight into complete household spending and financial services of consumers, including mortgages, loans and credit cards.
- Economists, Market Analysts and Policymakers who want to understand and analyze market size and consumer spend for the bill pay economy.
“Household bills comprise the most critical financial obligations of American households and the income consumed to pay these bills is the primary determinant of consumer financial health. Our doxoINSIGHTS Explorer, for the first time, makes these vital financial statistics transparent, enabling insight and comparison across every region in the country,” says Steve Shivers, CEO and Co-founder at doxo. “We believe this is foundational economic data and see it as an essential part of our mission to provide insight, understanding, savings, and better decision making for consumers, billers and financial institutions alike.”
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Based on Actual Bill Payment Data, doxoINSIGHTS Provides the Nation’s Most Comprehensive and Reliable Set of Consumer Bill Pay Data
Recurring bills reflect the obligatory financial commitments of households, and as such, are the best indicator of consumer financial obligations, flexibility and health. Earlier this year, doxo released its 2023 U.S Bill Pay Market Size & Category Breakout Report, revealing that Americans spend $3.87 trillion annually on household bills, comprising nearly three quarters of all U.S. consumer spending1. In addition, according to The U.S. Census Bureau, the real median household income in the U.S. is $70,7842. This number, combined with doxo’s estimate that the average U.S. household spends $24,557 per year on the ten most essential bills, suggests that more than one third of Americans’ yearly salary is put toward core expenses. These findings are what provide the foundation for doxoINSIGHTS Explorer.
By incorporating tens of millions of bill payments across all U.S. income and regional demographic segments, doxoINSIGHTS directly represents what Americans actually pay on their bills. In contrast to other industry data sources – which often mix household recurring bill expenses with employer-paid or withheld expenditures (e.g. health insurance and taxes), and retail and discretionary spending (i.e. credit card balances) – doxo’s unique, nation-wide household bill pay data specifically quantifies the actual consumer portion of total recurring bill spend and household penetration rate for each category. Additionally, doxo’s large sample of over 8 million consumer bill payers provides a much more accurate view than error-prone surveys, which have size, bias and accuracy issues.
doxo’s economic and demographic data matches U.S. household distributions closely, taking into account individual service providers and economic conditions at the local level. This results in a large, highly accurate sample that is:
- Statistically significant, with data pulled from over 8 million paying consumers
- Geographically diverse, capturing payment activity in 97% of all U.S. zip codes (100% of zip codes with populations of at least 50 people)
- Economically representative, with participation from all income brackets
- From across 45 different biller service categories, and more than 120,000 unique billers
- Representative of all payment funding sources, including bank accounts, credit cards, and debit cards
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