Golfers check in and pay while communicating via speakerphone with the clubhouse at The Golf Club At Newcastle in Newcastle, Washington, May 5, 2020.As the coronavirus pandemic wears on, "staycations" should support stocks tied to solitary leisure, Bank of America analysts led by Robert Ohmes wrote Monday. In addition, travel and Google Mobility data show that consumers are staying closer to home and increasing visits to parks and beaches over restaurants and malls.
"We believe COVID-19 is accelerating the consumer spending shift away from traditional entertainment and international travel to 'solitary' leisure activities and 'staycations'," a group of analysts led by Robert Ohmes wrote in a Monday note. Google mobility data through mid-June suggests that visits to parks, beaches, and marinas are growing, and tracking nearly 70% above pre-COVID levels. At the same time, visits to restaurants, shopping centers, theme parks, museums, libraries, and movie theaters are 16% below pre-COVID levels.
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