Leisure activities: a return to socialization?
Consumers are returning to social leisure activities post-pandemic, but will inflation threaten their good time?
- Although the leisure sector was hard hit during the pandemic as lockdown restrictions forced many service-oriented leisure activities to close, the growth of "solitary outdoor leisure activities" quickly emerged.
- Bank of America credit and debit card spending on solitary outdoor leisure activities such as golfing and cycling has remained well above 2019 average levels. Additionally, Bank of America internal data on loan origination for Recreational Vehicles (RVs) experienced strong year-over-year (YoY) growth in 2022, reversing trends among all age groups.
- While in-person social leisure has rebounded rapidly, it did not come at the expense of solitary leisure as the latter still exhibits strong levels of spending compared to 2019. And, despite inflationary pressures, lower-income consumers continue to invest in their leisure time, suggesting discretionary spending in both categories of leisure activities could persist.
Read our full analysis for a more in-depth look at these trends.
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