That’s according to a recent projection from the National Retail Federation (NRF) and Prosper Insights & Analytics. The industry groups expect 80% of Americans will partake in Easter activities this year, with consumers spending an average of $167.79 this year on Easter-related items. Consumers will spend a collective $20.8 billion, down from $21.6 billion last year.
“Even those not celebrating Easter still plan to spend an average of $18.49 per person, underscoring this popular holiday’s wide economic reach,” said Prosper Insights Executive Vice President of Strategy Phil Rist.
As COVID-19 restrictions have eased, in-person events have largely resumed. More than half (51%) of consumers are planning in-person celebrations, up from 43% in 2021. Consumers spend the most on food as a category for the holiday, and those planning to celebrate will spend $53.61 on food, $28.04 on gifts and $27.93 on clothing.
“Consumers are eager to return to their pre-pandemic holiday traditions, particularly as it relates to purchasing food and gifts for in-person celebrations this Easter,” NRF President and CEO Matthew Shay said in a statement. “Friends and family want to be together, and consumers are willing to spend money to make these events memorable.”
The drop in spending could be a reaction to inflation, which has hit record levels compared to the past several decades. A significant portion of consumers say if the price of an Easter-related item is higher than expected they will look elsewhere (42%) or find an alternative color or a different brand (31%). Half of consumers plan to make gift purchases at a discount retailer, while 41% plan to spend at department stores and 35% online.
With the rise of in-person events, virtual events have plummeted in popularity. Just 13% of Americans are planning virtual visits with friends and family, compared to 62% in 2020.