According to the National Retail Federation’s Easter spending survey conducted by BIGinsight, Americans will likely spend 11 percent more this year in anticipation of the holiday. Total spending is expected to reach $16.8 billion, an average of $145.28, up from $131.04 last year.
Categories expected to benefit most from this upsurge in spending include apparel and confectionery. Almost 90 percent (89.3 percent) of shoppers will spend more than $2 billion on candy, while 48.5 percent will spend $3 billion on apparel.
Food and beverage is also predicted to rise this year, with the average person expected to spend $44.34 this Easter holiday, up from $40.05 last year for a total of $5.1 billion. Additionally, consumers will spend an average of $20.57 on gifts for their friends and family, $10.50 on flowers and $9.07 on decorations for their home and office. Half (53.6 percent) will buy greeting cards, spending an average of $7.04. Consumers will buy these items at department stores (42.6 percent), discount stores (63.5 percent), specialty retailers (25.4 percent) or online (18.7 percent).
“Though the price of gas is on everyone’s mind, Easter is one of the few holidays some consumers are willing to stretch their budgets, especially because many children look forward to treats and new outfits on Easter morning,” says Matthew Shay, president and chief executive officer, NRF. “Retailers will make sure to offer plenty of promotions on candy, apparel, food and decorations in the coming weeks for eager holiday shoppers.”
“Beautiful weather conditions coupled with a slight lift in consumer confidence will likely be a boon to the Easter holiday this year as consumers begin to seek out new spring merchandise for their home or garden, and even their wardrobe,” says Pam Goodfellow, consumer insights director, BIGinsight. “It remains to be seen though, if this spending momentum will carry into the coming months with the cost of fueling up on the rise.”