Millennials and Gen Z are increasingly shopping at discount stores like TJ Maxx, Burlington, and Ross.
AdvertisementGen Z wants more bang for their buck, and their love of a good deal could drive shares of some discount retailers up nearly 20%, Bank of America says.
AdvertisementThe report from BofA on Wednesday attributes the rise in popularity among discount stores to inflation weariness.
The analysts see Burlington and Ross Stores shares rising 16% and 18% from Wednesday highs, respectively.
"Off-price has attracted the customer, helped by the quest for value amidst persistent multi-year inflation pressures," Bank of America's analysts wrote.
Persons:
Millennials, TJ Maxx, Ross, —, Ross . Younger
Organizations:
Service, Bank of America, TJ Maxx, Goods, Burlington, Ross Stores, Bank of
Locations:
Burlington, Millennials, BofA