The Relief Bill has passed! Millions already receiving their stimulus checks. Time to capitalize by advertising to your prospects that have extra money to spend!
The passing of this historic Relief Bill is already generating huge opportunities for companies like yours to increase your sales or services. Millions have already seen the money hit their bank accounts and they are actively planning on how to spend it.
Here are some interesting stats that highlight this once in a lifetime opportunity:
- Los Angeles DMA households are estimated to receive $25-$30 billion in stimulus checks with 36% of them expected to immediately spend their stimulus checks on things like food, clothes, housing, and even vacations, this equates to an estimated $9-$10.8 Billion in New Consumer spending. (1, 2, 3)
- Financial institutions can reach to advise the 25% of households that’ll Save $6.25-$7.5 Billion and the 9% that’ll Invest $2.25-$2.7 Billion. (3)
- Target higher-income households who are more likely to save and spend on discretionary activities like travel. (4)
- Lower-income households will get support via $600-$1,200 Golden State Stimulus checks California will issue to approximately 5.7 million low-income households in early-mid 2021. (5)
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(1) Estimated using $150B+ California is estimated to get in stimulus checks and expanded unemployment benefits from American Rescue Plan, multiplying by 41% that LA DMA represents of total CA households, and subtracting estimated expanded unemployment benefits. (Sources: “California could get $150 billion from federal coronavirus relief bill”, by Adam Beam, The Associated Press, March 11, 2021; Claritas 2021 Pop-Facts).
(2) Sources: Bank of America Research Investment Committee survey, February 2021; U.S. Census Bureau Household Pulse Survey, Week 24, Feb 3-15, 2021.
(3) Sources: Bank of America Research Investment Committee survey, February 2021; Claritas 2021 Pop Facts.
(4) Source: Bank of America Research Investment Committee survey, February 2021.
(5) Source: California Department of Finance