US: stimulus checks fuel spending in athletic footwear and apparel
Data from the Bank of America Global Research reveals that Americans are buying more sneakers and apparel, as the stimulus checks reach the bank accounts of many Americans
Athletic footwear and apparel spending jumped significantly to +19.5% year over year for the week ending on the 13th of March, compared to +13.2% regiestered in the prior week, as stimulus payments began reach the consumer's bank accounts. According to data revealed by the BoA (Bank of America), 80% correlated with Foot Locker comparable sales since April 2014 and 81% correlated with Nike North America revenue since August 2016.
According to the same source, and as reported by Finance Yahoo, solitary leisure spending remained strong during the same period with golf categories on the rise "increasing 40.3% year over year vs. 30.9% for the prior week." Data also showed consumers bought more bikes, increasing +88.0% year over year for the week ending on the 13th vs. +74.5% the week prior.
Source: finance.yahoo.com
image credits: Sharon McCutcheon on Unsplash
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