阳光下更有趣

More fun under the sun Key takeaways •Outdoor activities are increasing in popularity, and, according to Bank of America aggregated credit and debit card data,spending growth on outdoor recreation has been performing better than that of indoor recreation for the past six months, thefirst consistent period of relative strength since early 2021. •With these activities picking up in the summer months, we find boating spending growth has decelerated faster than last year,but spending growth at campsites reached the highest level since February 2022 - up 15.6% year-over-year in the week endingJuly 26th. Interestingly, Gen X had the strongest spending growth year-to-date at campsites, and the weakest on boating. •Golf is also on the summer upswing, with spending up more than 80% from the 2019 average level, according to Bank ofAmerica aggregated credit and debit card data. Gen X has been the primary driver of this growth, especially in the West. Plus,according to the National Golf Foundation, women and girls account for approximately 60% of the net gain in green grassgolfers since 2019. There’s nothing like the great outdoorsOf the 6.7 million jobs that the US is expected to add through 2033, about one in eight will be in the leisure and hospitality sector. This is the third-largest projected employment increase of all 17 major sectors after professional business services andhealthcare and social assistance, according to the Bureau of Labor Statistics. Why? It could be partly due to the popularity of outdoor activities–everything from hiking to golf. In fact, the outdoor recreationeconomy represented 2.3% of the nation’s gross domestic product (GDP) in 2023, according to the Bureau of Economic Analysis(BEA). Though spending on these activities typically picks up in the summer months, spending per household on outdoor recreation (seeExhibit 1 note for definition) was down 3.3% year-over-year (YoY) in June on a three-month moving average (Exhibit 1),according to Bank of America payments data. This is markedly better, however, than spending on indoor activities, which hasbeen on a steep decline since last summer. Exhibit1: Outdoor recreation spending growth has been stronger than indoor recreationCredit and debit card spending per household on entertainment by category (3-month moving average, monthly, YoY%) Outdoor recreation adds most value in states out WestAccording to the BEA, outdoor recreation falls into three categories: 1) conventional activities such as boating and hiking; 2) other activities such as gardening and outdoor concerts; and 3) supporting activities such as construction, travel and tourism,and government expenditures. Across the country, value added for outdoor recreation as a share of state GDP ranged from a high of 6.3% in Hawaii to 1.6%each in Delaware, Connecticut, and New York (Exhibit 2). From hooking a line to hiking a trailBoating/fishing was the largest so-called“conventional activity,”according to the BEA, with Florida, California and Texas having the greatest value added to those states’GDP in 2023. Bank of America aggregated credit and debit card data found thatboating spending growth has been largely negative since last year (Exhibit 3). Exhibit4: Gen X has increased spending the most at campsitescompared to last year, and had the weakest spending on boatingAverage credit and debit card spending per household by category bygeneration through July 26th (YoY%) Exhibit3: Spending at campsites continues to climb into thesummer while boating has decelerated since the start of the yearCredit and debit card spending per household by category through July 26th (daily, 28-day moving average, YoY%) However, spending at campsites has significantly increased YoY since April, and reached the highest growth level since February2022. As we reported in our May travel publication,Vacation Nation, consumers surveyed planned to take road trips this summer.With overall travel spending slowing, it’s possible camping has become more attractive due to affordability as well as focusingon wellness (read more on this in theJuly Consumer Checkpoint). In fact, hidden gems, wellness retreats and nature escapes outranked popular tourist hubs in the2025 Bank of America SummerTravel Trends Survey, especially among younger generations. And according to a recent Bank of America proprietary survey, 24%of respondents spent time in June focusing more on mental health and emotional wellbeing. Interestingly, within Bank of America card data, Gen X has increased spending at campsites the most year-to-date through July26thbut had the weakest spending growth on boating (Exhibit 4). Which parks are most popular? According to data from the National Park Service, Blue Ridge Parkway and the Great SmokyMountains have had the highest number of visits so far this year (Exhibit 5). However, overall visits to national parks are downfrom last year, possibly due to some parks reducing their visitor center days and