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A rock climber at The Trapps cliff of Shawangunk Ridge. Photo: Waring Abbott / Getty Images

Sales of outdoor equipment are slipping, and guess who's getting blamed?

The big thing: Millennials favor clothes and sporting goods that are less specialized and more versatile, AP reports from the Outdoor Retailer and Snow Show, in Denver:

  • "Millennials — ... born between 1982 and 2004 — are less likely than the previous generation to demand outdoor gear that stands up to extreme conditions."
  • Why it matters: "Millennials are outdoorsy and support environmental preservation and sustainability, ... but they have a different take on health and fitness than their predecessors. They have a more lighthearted approach that involves their friends."
  • Matt Powell of market researcher NPD Group: "The hardest, the most extreme condition some of these boots are going to have is walking from the Prius to the craft brewery."

Go deeper

Dan Primack, author of Pro Rata
32 mins ago - Economy & Business

Trump blocks banks from limiting loans to gun and oil companies

Illustration: Sarah Grillo/Axios

Big banks are no longer allowed to reject business loan applicants because of the industry in which they operate, according to a new rule finalized on Thursday by the Trump administration.

Why it matters: Wall Street has curtailed its exposure to industries like guns, oil and private prisons, driven by both public and shareholder pressures. This new rule could reverse that trend.

Former FDA commissioner: "Reliable drug supply is absolutely critical"

Axios' Caitlin Owens and former FDA commissioner Mark McClellan. Photo courtesy of Axios Events

Having a reliable supply of pharmaceutical drugs throughout America will be "absolutely critical" to boosting affordability in health care during the Biden administration, former Food and Drug Administration (FDA) commissioner Mark McClellan said at a virtual Axios Event on Friday.

The big picture: McClellan, who served under President George W. Bush, says drugs having limited supply and limited competition leads to elevated pricing. He considers drug supply to be a national security and public health issue.

Felix Salmon, author of Capital
3 hours ago - Economy & Business

Americans are still spending money

Source: Census Bureau; Chart: Axios Visuals

Americans spent more money at stores and restaurants in 2020 than they did in 2019 — even in the face of a devastating global pandemic that shut down broad sectors of the economy.

Why it matters: The monthly retail sales report this morning came in well below expectations, and showed consumer spending falling on a seasonally-adjusted basis. Total expenditures were still higher in December 2020 than they were a year previously, however.