Stimulus checks ignite spending in athletic footwear and apparel: BofA

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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.

Customers queue to enter Foot Locker in Oxford Street, London as non-essential shops in England open their doors to customers for the first time since coronavirus lockdown restrictions were imposed in March. (Photo by Victoria Jones/PA Images via Getty Images)
Customers queue to enter Foot Locker in Oxford Street, London as non-essential shops in England open their doors to customers for the first time since coronavirus lockdown restrictions were imposed in March. (Photo by Victoria Jones/PA Images via Getty Images) · Victoria Jones - PA Images via Getty Images

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.

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