Nike Inc. faces a risk from slower spending by US students, in addition to ongoing Chinese headwinds, according to Jefferies analysts.

Pointing to a recent in-house survey, analyst Randal Konik noted that nearly 90% of the 600 respondents with outstanding student loan debt were somewhat worried about being able to meet all of their monthly expenses.

“Apparel, footwear, accessories, restaurants, and big-ticket items are likely to see the biggest pullbacks in spending,” he wrote in a research report, downgrading his ratings on Nike, Foot Locker Inc. and Urban Outfitters Inc. to hold from buy.

The return of student loan payments in October is seen squeezing consumers in the US, with a report by Oxford Economics estimating that this could dent spending by as much as $9 billion each month. Nike shares fall as much as 1.2% on Monday, sliding for a seventh straight session.

Konik warned that China is another headwind as sales trends in the region are likely to be choppy.

Separately, Morgan Stanley’s Michael Wilson also warned that consumer stocks, one of the brightest corners of the market this year, are about to lose their shine as risks build for the sector.

--With assistance from Katrina Compoli.

(Updates share-price move in the fourth paragraph and chart.)