Retailers could get a spring sales boost as St. Patrick's Day spending is expected to reach $4.4 billion this year.
More than 125 million U.S. consumers plan to celebrate the Irish holiday and are expected to spend an average of $35.37 per person, according to NRF's annual St. Patrick's Day Spending Survey conducted by Prosper Insight and Analytics. This is down slightly from last year's $36.52.
St. Patrick's Day spending peaked in 2014, with $4.8 billion spent.
Revelers this year will celebrate by decorating homes, wearing green, and hosting or attending parties. While the majority of shoppers said they will wear green apparel on the holiday, the bulk of their budget will go to celebrations, in keeping with consumer trends that value experiences over goods.
"Retailers expect to see a nice boost in sales as consumers head to stores looking for apparel, decorations, food and beverages to help make their St. Patrick's Day celebrations special," NRF President and CEO Matthew Shay said. "With the winter holidays behind us and spring flowers starting to bloom, St. Patrick's Day provides a perfect opportunity for Americans to get together to celebrate with friends and family."
Nearly 57 percent of those celebrating will purchase food and beverages, 28 percent will buy apparel or accessories, 23.3 percent will buy decorations and 17.2 percent will buy candy.
Grocery stores will benefit from St. Patrick's Day spending, with more than 36 percent of shoppers planning to buy supplies there, while 30.4 percent will shop at a discount stores and nearly 21 percent will spend at bars and restaurants.
The holiday is most popular with 18- to 24-year-old consumers, but those in the 25- to 34-year-old age bracket will spend the most at an average of $42.58, according to the survey.
-See this NRF press release
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