【Jefferies-2025研报】美国客流量：拼图的一部分；喜忧参半.pdf

EquityResearc

USA|ChemicalsJune9,2025

USFootTraffic:OnePieceofthePuzzle;A

MixedBackWithGreenShoots

Foottrafficdata,basedontracking~25mphonesintheUS,providesinsigh

intobothnear-termtrends(peoplegowheretheyplantospend)andcyclical

positioning.VisitshaveshiftedtohigherYoY,andaccelerating,forconsumer

lifestyle,electronics,durablegoods,andretail.Carrepair,constructionand

consumerdiscretionaryarestalling,andlargevehicleOEMdeterioratingfrom

above-averagelevels.

Chart1-BroadAcceleration:MomentumInVisitsvs.SSS(YoY-3MAvg.YoY)

6.0%

4.0%

ElectronicsConsumerLifestyle

2.0%DurableGoods

Medical

Y

oRetail

Y0.0%

CarRepair

mConsumer

3

--2.0%FoodServiceDiscretionary

YConstruction

o

YHotels

S-4.0%

S

S

-6.0%

LargeVehicleOEM

-8.0%

-10.0%-5.0%0.0%5.0%10.0%15.0%

VisitsYoY-3mYoY

.

Source:Placer,JefferiesResearch

Chart2-VisitsIndexvs.SSSIndex(3-mavg.)