Direct Traffic Share

Imperfect, easy to misread, and still one of the more honest signals available about whether anyone comes back.

Measures
Share of human sessions with no referrer, trended rather than read as an absolute.
Data Source
Server logs with bot traffic classified out, or an analytics package where one is installed.
Indicates
Deliberate return: bookmarks, typed URLs, links from private messages and apps.
What Moves It
Being worth returning to. Also, unhelpfully, any change in how referrers are reported.
Does Not Prove
Loyalty. The direct bucket is a catch-all that collects everything with a missing referrer, including a fair amount that was not direct at all.
Status
Measured with caveats. Treat the trend as the signal and the absolute number as an estimate.

Read this one against brand query volume. If both rise together, something real is happening. If direct rises alone, suspect a measurement change before celebrating.