Total spending for the Irish holiday is expected to top at $5.3 billion, up from last year’s $4.4 billion.
More than 139 million Americans plan to celebrate St. Patrick’s Day and are expected to spend an average of $37.92, a new record for the holiday, according to the National Retail Federation.
The findings are part of a St. Patrick’s Day Spending Survey conducted with Prosper Insights and Analytics.
Total spending is expected to reach $5.3 billion, an all-time high in the survey’s 13-year history and up from last year’s $4.4 billion. It also tops the previous record of $4.8 billion set in 2014.
According to the survey, 52 percent of celebrants will purchase food, 41 percent beverages, 28 percent apparel or accessories, 22 percent decorations and 14 percent will buy candy. Of those making purchases, 39 percent will go to grocery stores, 29 percent to discount stores, 21 percent to bars/restaurants and 18 percent to department stories.
Additionally, of those celebrating the holiday, 83 percent will wear green, 31 percent will make a special dinner and 27 percent will head to a party at a bar or restaurant. Meanwhile, 33 percent will decorate their homes or offices in an Irish theme; 15 percent will attend a private party; 15 percent are planning to attend a parade, especially those living in the Northeast (21 percent).
The survey also found that the holiday is most popular among individuals, ages 18-24, but those in the age bracket of 25-34 will be the biggest spenders, with an average of $46.55.
“Now that winter is almost behind us and with St. Patrick’s Day falling on a Friday, we will see more Americans getting together to celebrate with friends and family,” says Matthew Shay, president and chief executive officer, NRF. “Retailers should expect a nice boost in sales as consumers purchase apparel, decorations, food and beverages to help make their celebrations special.”