Easter spending predicted to reach an all-time high
- Consumers are expected to spend a record $24 billion this year on Easter-related purchases.
- According to the National Retail Federation (NRF) growth is on track with pre-pandemic levels.
- Consumers plan to purchase items such as candy, clothing, gifts and flowers.
Consumers are expected to spend a record $24 billion dollars on Easter-related purchases this year, according to a prediction from the National Retail Federation (NRF).
According to the NRF and the Prosper Insights and Analytics survey, projected consumer spending for the holiday is up from $20.8 billion last year. This year’s projection is up from the all-time high of $21.7 billion spent on Easter-related purchases by consumers in 2020 (the survey was taken just prior to the COVID-19 pandemic). On average, consumers said they plan to spend about $192 on Easter purchases, with 81% of all people in the U.S. planning to celebrate the holiday.
Expected spending, according to the survey, includes:
- Candy — $3.3 billion.
- Gifts — $3.8 billion.
- Food — $7.3 billion.
- Clothing — $4 billion.
- Flowers — $1.8 billion.
- Decorations — $1.17 billion.
- Greeting cards — $1.1 billion.
The costs are associated with events, such as cooking a holiday meal, visiting family and friends, going to church, and Easter egg hunts, according to the survey.
“Easter endures as an important holiday for many Americans, signifying new beginnings and a time of celebration with friends and family,” said Matthew Shay, NRF President and CEO, in a release. “As consumers plan to mark the occasion through a variety of traditions, retailers are dedicated to making this year a memorable holiday.”
The projected spending on Easter this year is about $10 billion higher than the forecasted spending in 2007, and it’s about $7 billion more than consumers planned to spend on Easter a decade ago in 2013. Despite economic pressures on consumers, growth is on track with pre-pandemic levels, the NRF says. Additionally, consumers aged 35 to 44 are expected to spend more this year than before compared to any other age group.
More than half of consumers surveyed — 54% — said they planned to buy Easter gifts from discount stores, which is typical, the NRF said. Less than half – 42% — plan to shop at department stores, 33% expect to shop online, 22% plan to shop at small businesses and 20% plan to shop at specialty stores