United States

Americans use their stimulus checks to splurge at Walmart, Target and Best Buy

While many Americans have used their stimulus checks to cover basic needs such as groceries and paying off their mortgage or rent, there’s evidence people are also spending the money on non-essentials including electronics, clothes and toys, according to major retailers. “Call it relief spending, as it was heavily influenced by stimulus dollars, leading to sales increases in categories such as apparel, televisions, video games, sporting goods and toys,” Walmart CEO Doug McMillon said during the company’s earnings call Tuesday. Target and Best Buy Co. also saw increased consumer demand for discretionary goods in mid-April as the stimulus payments from the $2.2-trillion CARES Act flowed into Americans’ bank accounts, the comp ...