As Lottery Jackpots Soar, So Do C-Store Visits
Over the past week, the Mega Millions jackpot grew 38% from $625M to $865M, while the Powerball jackpot jumped 33% from $550M to $730M. Revealing how consumers are responding to the surge, Skupos reports that over this same period average store sales for lottery tickets increased by 22%!
And while lottery ticket sales have certainly ramped up within the past seven days, they have been growing steadily for at least two weeks as the jackpots grew. In fact, from January 4th to the 11th, stores saw a similar week over week (WOW) growth rate to this week’s (23% versus 22%). Contrast that with December 2020, when revenue from lottery tickets increased by an average of only 4% each week.
Skupos dove into the numbers to provide an exclusive look at the impact that this week’s big lottery jackpots have had on convenience retail stores. Take a look below!
Lottery prize drawings are a significant incremental revenue driver for convenience stores, and these past couple weeks have shown exactly how! Learn more about how Skupos drives real change in convenience retail.