As the economy shut down, businesses diverted spending to technology, while cutting back more broadly, including on payments to suppliers.
Businesses slowed their overall spending when the economy shutdown in March, but they had increased technology spending dramatically in both February and March, according to Cortera.
As the economy shut down, businesses diverted spending to technology, while cutting back more broadly on other outlays including their payments to suppliers, according to data tracking business-to-business spending. Cortera tracks $1.5 trillion of the total $8 trillion in annual business-to-business interactions, from data provided by suppliers. Cortera collects data on small and mid-sized businesses.
Industries that were hit hard by the virus shutdowns showed an immediate jump in late payments in March data. Hotels and restaurant companies were late on more than 50% of their outstanding bills. Last March, they were late on 32% of payments to suppliers.Companies in the art and entertainment and sporting events sectors, which includes everything from movie theaters to professional basketball games, also fell behind and are now late on more than half their payments.
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