Daily Business Report: Thursday, Jan. 13, 2022
A breakdown of Americans’
monthly credit card spending
Visual Capitalist
If you were fortunate enough to keep your job during the pandemic, you probably noticed a financial benefit: you spent less. Amid restrictions, credit card spending on fun activities—like going out for dinner—became less frequent.
Looking ahead, the majority of Americans plan to continue at least one budget changepost-pandemic, including eating out less (49 percent), buying fewer clothes and shoes (41 percent), and traveling less (37 percent). Of course, the first step in budgeting is tracking where your money is going.
In the above graphic from Personal Capital, we break down Americans’ monthly credit card spending by category. It’s the first in a three-part series that will explore the spending and saving of Americans.
Behind the Numbers
Credit card spending is based on anonymized data from Personal Capital users, who tend to have a higher-than-average net worth. For this particular subset of users, people had an average net worth of $1.3 million and a median net worth of $405,000. Therefore, the credit card spending amounts may be higher than those of the general U.S. population.
It’s also worth noting that the data reflects credit card spending only. It does not include expenses such as mortgage or rental payments, which are typically paid through other methods.
As border restrictions ease, Americans are spending the most on travel. In fact, 83 percent of Americans say they are excited to plan a trip in a post-pandemic world. The most popular merchant within travel is Airbnb, followed by airlines such as Delta and United as air travel recovers from its pandemic slump. However, this recovery could be in jeopardy amid fresh concerns over the Omicron variant.
Travel is closely followed by general merchandise, at places like Amazon, Costco, Walmart, and Target. Monthly spending in this category has averaged at $815 over the last year. Of course, this could climb even higher near year-end due to the holiday spending boom typically seen in the U.S. every year.
On the other hand, Americans spend the least on online services (such as Google and Facebook), entertainment, and gas. Though the average monthly spending on gas was the lowest of all categories, it increased by 60 percent from November 2020 to October 2021. This is likely due to gas being one of the categories hit hardest by inflation, along with increased travel.
TOP PHOTO: Photo by CanStock Photo
Board of Supervisors approves
new gun storage and safety law
Restrictions also placed on ‘ghost guns’
The San Diego County Board of Supervisors voted Tuesday to enact a new ordinance to set standards for safe storage of firearms and to put restrictions on non-serialized guns commonly called “ghost guns.”
A key component of the county ordinance is the requirement that all guns in homes be stored in a locked container or disabled with a trigger lock. Another element of the new ordinance regulates the possession and distribution of guns and gun parts built or purchased without serial numbers. The so-called “ghost guns” are a problem in the community because they can’t be traced and are often sold to people restricted from owning a weapon.
The new ordinance prohibits possessing, purchasing, selling, transferring, receiving, or transporting non-serialized firearms or non-serialized parts for guns such as frames and receivers.
Board Chair Nathan Fletcher expanded on a suggestion by Supervisor Jim Desmond to collect data on gun violence in an annual report. Supervisors Joel Anderson and Desmond voted against the ordinance.
If a second reading of the ordinance is approved on Jan. 25, the new law would take effect in February 2022, but several sections of the ordinance may not be immediately enforced to allow time for people with existing items to dispose of those guns and parts.
Port of San Diego awards contract
to double cruise ship shore power capability
The Port of San Diego is a step closer to doubling shore power capability at its B Street and Broadway Pier cruise ship terminals to improve air quality and reduce greenhouse gas emissions on and around San Diego Bay.
The Board of Port Commissioners awarded a $268,000 contract to Baker Electric Inc., a San Diego County-based company that will install Port provided electrical equipment, and remove, replace, and terminate medium voltage cables. The work is expected to begin in March 2022 and be ready for commissioning in August 2022.
Having the ability to run two shore power outlets simultaneously at the cruise ship terminals will allow two cruise vessels to turn off their diesel engines and connect to the electrical grid. This will significantly reduce pollutants, such as nitrogen oxide (NOx) and diesel particulate matter, as well as greenhouse gas emissions.
State awards City of Vista $1.12 million
to create Avenida De Benito Juarez Park
The California Department of Parks and Recreation has awarded the City of Vista $1.12 million to create the new Avenida De Benito Juarez Park. The grant money will allow city officials to acquire the necessary parcels to begin development.
The grant award is part of the Statewide Park Development and Community Revitalization Program, which provides Proposition 68 (2018 Bond Act) funding to local agencies and nonprofit organizations. Eligible projects involve the construction of new parks, or expansion or renovation of existing parks for the health and wellness of Californians.
Cubic announces over 100,000 Edge
Compute and networking modules shipped
Cubic Corporation announced that its Cubic Mission and Performance Systems (CMPS) division manufactured and shipped its 100,000th rugged compute and networking module to a U.S. defense customer in 2021.
This important milestone demonstrates the trust that defense, first responders, and aid agency customers have in Cubic’s modular compute and networking platforms, the company said in a statement. “The M3-SE and M3X platforms have been designed from the ground up in collaboration with customers to meet demanding user requirements and operations in a wide range of austere environments.”
The M3X and M3-SE platforms’ chassis-less and modular design means users can choose from a wide range of interchangeable computing, switching, routing, and battery-backed power modules to meet specific mission requirements. This unique approach delivers excellent system scalability and flexibility and maximizes the user’s investment.
Restoration begins for architectural icon
Shared project to bring Botanical Building and Gardens to full potential
January marks the beginning of the restoration and revitalization of Balboa Park’s Botanical Building and Gardens, a public-private partnership endeavor between the City of San Diego and Forever Balboa Park.
A major grant from the State of California served as a catalyst for implementation, with the city providing critical matching funds and project management.
Project planning expenses and 60 percent construction documents were already funded by Forever Balboa Park, who will also take on the expenses and management of the second phase of improvements.
Phase one is slated for completion in summer of 2023.
Diversity champion Caroline Bravo-Karimi elected
managing partner at Wilson Turner Kosmo law firm
The San Diego-based firm Wilson Turner Kosmo has elected Carolina Bravo-Karimi as managing partner. Bravo-Karimi, an influential litigator and sought-after workplace investigator.
A respected trial attorney and authority on employment law, Bravo-Karimi advocates for more diverse, equitable and inclusive workplaces and advises businesses, decisionmakers and employees on achieving them.
She is a driving force behind realizing a legal industry that mirrors the nation’s diversity. Under her leadership, WTK was named the No. 1 Top Small Firm in Law360’s 2021 annual Glass Ceiling report.
During the pandemic, WTK hired 16 diverse attorneys and a human resources director, many of whom were recruited by Bravo-Karimi — reflecting her and the firm’s standing commitment to the recruitment, retention and mentorship of diverse talent.
Today, 85 percent of firm personnel are women or minorities. With Carolina leading the effort, WTK also launched a Diversity, Equity & Inclusion practice group to support companies and organizations in the creation, implementation and management of their DE&I efforts.
“I never want WTK to forget how important it is to accept, and invite, different viewpoints, varying life experiences and unique passions,” Bravo-Karimi said. “Diversity makes us who we are. It’s what makes us great lawyers and is critical to providing our clients with sophisticated, high-quality work product.”
She joined WTK in 2008 and became a partner in 2018.
Andrew Myers elevated to partner at
Solomon Ward Seidenwurm & Smith
Solomon Ward Seidenwurm & Smith LLP has promoted Andrew C. Myers to partner of the San Diego firm.
A seasoned employment and business litigator, Myers’ practice focuses on representing a diverse corporate client base in business- and employment-related matters.
Experienced in all phases of civil litigation, he has litigated extensively in both state and federal courts.
Myers received his Juris Doctor from the University of San Diego School of Law, where he excelled in employment and ERISA studies and was admitted to the National Honors Fraternity.
He earned a Bachelor of Arts degree from the University of California, Santa Cruz.
A member of the California Bar Association, San Diego Bar Association and American Inn of Court, Myers is admitted to practice before the California Superior Court, the U.S. District Courts for the Southern and Central Districts of California, and the Ninth Circuit Court of Appeals.
Spindrift launches on Speakeasy Co. platform
Spindrift, one of the fastest-growing top 10 Sparkling Water Brand in the U.S., has joined the Speakeasy Co. platform to sell its newest beverage alcohol innovation, Spindrift Spiked. Speakeasy streamlines direct to consumer sales and makes it as simple as possible for all types of beverage brands to sell directly on their website, the San Diego company said.
Spindrift gained notoriety for its simple recipe: Sparkling water and real squeezed fruit. At a time when consumers are even more focused on health trends, Spindrift, a brand that has never used artificial sweeteners, has grown expeditiously. Spiked is the cleaner twist on hard seltzer and- a lightly carbonated hard sparkling water made with only real ingredients, alcohol from sugar cane, and no synthetic natural flavors, sweeteners, or additives.
Bill Walton urges governor to reject
proposed decision on rooftop solar
NBA Hall of Famer Bill Walton issued a letter to Gov. Gavin Newsom calling on him to reject the California Public Utilities (CPUC) proposed decision on rooftop solar.
Despite the overwhelming popularity of rooftop solar in California, and the strong public support for programs to increase solar energy in California, the CPUC is proposing a giveaway to investor-owned utilities that would dramatically increase the cost of rooftop solar, claims Walton.
The CPUC proposal relates to net metering, the state policy that makes rooftop solar more affordable for consumers, particularly in middle and working class neighborhoods where solar is growing fastest, by compensating them for the excess energy they produce and share with their neighbors.
The CPUC proposed decision would make solar unaffordable for most consumers by imposing a new $684 a year solar tax and slashing consumer credits for solar by 80 percent.
Fred Finch Youth & Family Services
awarded contract from County of San Diego
The County of San Diego Behavioral Health Department has awarded Fred Finch Youth & Family Services a multi-year contract to provide care for at risk children and youth throughout the county.
Facing challenges of self-sufficiency, mental illness, substance abuse or significant mental impairment, along with family disruption, chronic poverty and violence, this target group represents children with the highest need of support in San Diego County. The program is slated to help over 300 youth in 2022 and increase through the duration of the contract as staffing levels increase.
The program, known as Wrap Connections, targets children ages 5 – 18. Wraparound is a family centered, community-based program designed to support youth and families. The Wrap team works with families to learn effective tools and strategies to help create sustainable stability and progress in the home, school, and community.
Plant Power fast food taps
former Starbucks executive
Plant Power Restaurant Group, the parent company of San Diego-based Plant Power Fast Food, announced the appointment of Steve Figliola as its new chief development officer. Figliola, an industry veteran, previously served as the regional vice president for the Starbucks Coffee Company where he was responsible for retail operations throughout Southern California and Hawaii.
Over the past two years, Plant Power has announced the acquisition of a number of well-known industry professionals from leading brands such as Chipotle Mexican Grill, Yum Brands, Del Taco, and Hard Rock Café. According to Co-Founder and Chief Executive Officer Jeffrey Harris, Figliola represents a significant addition to the company’s executive leadership at a pivotal point as the company prepares to accelerate its expansion.
Suneva Medical Inc. and Viveon Health to merge
Suneva Medical Inc., a San Diego medical technology company using regenerative medicine to change the standard of care in aesthetic treatments, and Viveon Health Acquisition Corp., a special purpose acquisition company, announced plans to merge. Upon completion of the transaction, the combined company’s securities are expected to be traded on the NYSE under the symbol “RNEW.”
The regenerative aesthetics market is expected to reach $11 billion by 2025, one of the fastest growing sectors of the aesthetics market that addresses the increasing patient demand for minimally invasive treatments delivering effective and natural looking results. Suneva has purposefully expanded the company’s product portfolio during the last 18 months to yield a greater than 40 percent year-on-year revenue growth.
City of Vista offers Cybersecurity awareness program
In partnership with San Diego Cyber Center of Excellence, the City of Vista is offering a Cybersecurity-Awareness Program designed to assist small businesses in becoming more cybersecurity-aware and ultimately strengthening our regional economic resiliency.
The program will kick off in February and is FREE to participating small Vista businesses, made possible by a grant from the City of Vista.
The virtual information session will take place on Feb. 1, 2022 from 11 a.m to noon. Register by Jan. 26 to ensure your spot.
