As stimulus checks hit bank accounts, Americans are buying more sneakers and apparel, according to new data from Bank of America Global Research.
Athletic footwear and apparel spending jumped significantly to +19.5% year over year for the week ending 3/13 vs. +13.2% the week prior, as stimulus payments began to hit consumer bank accounts beginning March 12. According to BoA, 80% correlated with Foot Locker (FL) comparable sales since Apr. 2014 and 81% correlated with Nike (NKE) North America revenue since Aug. 2016.
Solitary leisure spending also remained strong during the same period with golf categories on the rise "increasing 40.3% year over year vs. 30.9% for the week prior according to aggregated BAC card data." Data also showed consumers bought more bikes, increasing +88.0% year over year for the week ending Mar. 13 vs. +74.5% the week prior. Campground spending also accelerated to +65.0% year over year in the week ending March. 13 following +41.4% growth the week prior.
Reggie Wade is a writer for Yahoo Finance. Follow him on Twitter at @ReggieWade.
Read more:
Nike to tie exec pay to progress in deepening diversity and helping environment
Nike's brand strength is much higher now, even with earnings miss: Analyst
Teachers are not yet eligible for vaccines in these 20 states
‘We didn’t think we’d be open this long:’ Restaurant owner on community support
How the US can use existing financial institutions to build an equitable COVID-19 recovery
Biden extends pause on federally-backed student loan payments through September
