Easter Spending Expected to Reach $18.4 Billion in 2017, a Record High
KEY POINTS
- Based on its annual Easter Spending Survey conducted by Prosper Insights & Analytics, the National Retail Federation (NRF) forecasts that total spending on Easter in the US this year will reach $18.4 billion, a record high.
- Survey respondents said they plan to spend the most on food, around $5.8 billion, and that their favorite way to celebrate is to visit family and friends.
- Some 58.3% of the consumers surveyed plan to shop at discount stores, while 45.7% will shop at department stores and 26.4% at local small businesses.
- Of those surveyed, 26.8% said they plan to shop online, up from 21.4% last year. Some 28% of respondents said they will research various products on their devices before they make a purchase. Overall, 18% of consumers surveyed said they will use their phones to make a purchase.
Retailers, take note: Americans are ready to celebrate this Easter, and they are planning to spend more than ever before, according to the NRF’s annual Easter Spending Survey, conducted by Prosper Insights & Analytics. The figure below shows planned Easter spending for the past eight years.
The survey of 7411 US consumers found that spending for the Easter holiday this year is expected to reach $18.4 billion and average spending per person of $152, up from last year’s $17.3 billion total and average spending per person of $146.
US consumers surveyed plan to spend $5.8 billion on food, $3.3 billion on clothing, $2.9 billion on gifts, $2.6 billion on candy and $1.2 billion on flowers.
NRF President and CEO Matthew Shay commented that a significantly warmer Easter this year because of the later arrival of the event this year has put shoppers in the frame of mind to splurge on spring apparel along with Easter decorations. The positive shopping trend will also be aided by having almost an extra month this year to shop before Easter compared to last year. He believes consumers are ready to shop and retailers are also ready to offer great deals on all sorts of products, ranging from Easter baskets to garden tools.
Shopping Destinations
Online Purchases Expected to Increase to 26.8%, from 21.4% Last Year
This year, more consumers are planning to do their Easter shopping online than did last year—26.8% of those surveyed said they will shop online, up from 21.4% last year. Additionally, a significant percentage of smartphone owners surveyed plan to research products online—28% of respondents said they will research various products on their devices before they make a purchase. Overall, 18% of consumers surveyed said they will use their phones to make a purchase.
Visiting Family and Friends is the Favorite Way to Celebrate
Americans’ favorite way to celebrate Easter is by visiting family and friends. Of those surveyed, 61% said they plan to visit family and friends, while 57% will cook a holiday meal, 52% will go to church and 17% will go to a restaurant. Easter egg hunts are the most popular activity for children—35% of American consumers surveyed said they are planning an Easter egg hunt and 16% said they will open gifts.
Prosper’s Principal Analyst Pam Goodfellow commented that Easter is a tradition for all ages, especially for young families that are prepared to spend a bit more for the celebration. She expects more consumers to be shopping for special deals on apparel and decorations with Easter falling later this year.
