Stimulus: Sneakers and athletic apparel see a jump in sales after Americans received stimulus money
#stimulus #sneakers #stimuluschecks
Yahoo Finance’s Reggie Wade reports on the increase in sneaker and apparel purchases after stimulus checks were distributed to Americans.
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.
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