The theme of 2021 is “back to normal” — a return to life, the way it was before COVID-19. And the normal world thrives on frivolous spending.

People want to spend money because they can. As the global economy reopens, they can go to a restaurant and buy a nice meal or go into a store and purchase a luxury item. And with another round of stimulus checks on the way, a lot of Americans will have a little extra cash lining their pockets.

Social freedom breeds economic autonomy … and frivolity.

In Texas, the economy reopened completely recently, and I predict spending will only increase from here.

To keep with the spirit of Texas, my stock pick of the week is Boot Barn Holdings Inc. (NYSE: BOOT). Boot Barn is, as evidenced in the company name, a cowboy boot company.

As a proud Texan, I know that there’s nothing more gratifying and frivolous than purchasing a new pair of boots. They are expensive and impractical, yet most Texans have at least one pair in their closet.

Buy Boot Barn Holdings Stock Now

As the economy normalizes, people are going to get out and spend their money on inessential products— including cowboy boots.

BOOT rates a 90 overall in our Green Zone Ratings system. We are “Strong Bullish” on this stock, which means we expect the stock to outperform overall market gains by three times over the next 12 months.

Boot Barn's (BOOT) Green Zone Rating

Boot Barn Holding’s Green Zone Rating on March 11, 2021.

Growth — BOOT rates highest based on growth at a 95. Since 2013, Boot Barn has compounded its sales at a 20% annualized rate, which is very strong for this market. Over the last 12 months, the company grew its sales by about 7%. Given the context of the pandemic and the crippled in-person shopping experience, that growth is impressive and speaks to Boot Barn’s resilience.

Momentum BOOT rates a 90 on momentum. From its lows to its current price, the shares have exploded and don’t look to be slowing down any time soon. This fits the bill for a stock that we like to “buy high … sell

QualityAt an 84, BOOT is a high-quality stock with impressive return-on investments, equity and assets.

Bottom line: BOOT is a strong stock if you’re looking to take advantage of increased frivolous spending. With the reopening of the economy, people will have more and more opportunities to spend money for pleasure. BOOT allows you to put your money into high-growth stock with promising scores on momentum and quality.

To safe profits,

Charles Sizemore_Sig

Charles Sizemore is the editor of Green Zone Fortunes and specializes in income and retirement topics. Charles is a regular on The Bull & The Bear podcast. He is also a frequent guest on CNBC, Bloomberg and Fox Business.

P.S. Check out The Bull & The Bear podcast every week for more picks from Adam, Matt and me. You can listen on Apple PodcastsSpotifyAmazon and Google Podcasts. You can also catch episodes on our YouTube channel here.