How are Americans spending their stimulus checks?
So many options, right? Close scrutiny on the stock market could yield some interesting decisions. An eager participant in the cutting-edge investment options could include NFTs and other cryptocurrency among the options.
But, no.
This is America, and people love their clothing and footwear.
The newly somewhat-rich, by $1,400 anyway, are buying sneakers and apparel, according to data from Bank of America Global Research.
Combined spending on apparel and athletic footwear jumped 19.5% year over year for the week ending March 13.
Want a recent comparison? How about the fact that, with the same parameters, that spending was up only 13.2% the week prior.
Stimulus payments began to hit consumer bank accounts March 12.
Other avenues for spending include addressing vision correction concerns, and this, from a Mojo.com poll respondent:
“If I can, I’d also like to pay off my credit card debt (it’s small) and maybe get ahead on utilities and phone accounts.”
See? People can be responsible.
The money isn’t life-changing but it certainly can be somewhat of a lifeline.
Respondents cited donations to food banks, gardening upkeep, putting the dollars toward grad school and new furniture to welcome guests as the pandemic lockdowns ease.
And, is there anything more fun to consider than “solitary leisure spending”?
Sounds fun. That category, according to the BofA Global Research, remained strong with golf categories “increasing 40.3% year over year vs. 30.9% for the week prior according to aggregated BAC card data.”
And, though golf is technically exercise, consumers also were committed to workouts. Data showed more bikes were purchased, increasing 88.0% year over year for the week ending March 13 vs. 74.5% the week prior.
It’s not frivolous; it’s just making the best of things … with a cool $1,400.
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