Maybe it’s because the Easter Bunny finally got that second job he’d been wanting, but whatever the reason retailers are no doubt happy to learn that Easter spending is expected to increase this year.
The National Retail Federation (NRF) estimates that the average person will spend $18.55 on Easter candy this year - up from last year’s $17.29 - for a total of $2.1 billion in candy sales.
Overall, consumers are expected to spend an average of $131.40 on Easter-related items ranging from candy to clothes, up from last year’s average of $118.60. Total spending is expected to reach $14.6 billion.
The fact that it’s the latest Easter since 1943 might have been just what consumers needed to open their wallets.
“Due to such a late holiday, Easter promotions will last all spring long,” explains NFR president and ceo Matthew Shay. “Though lingering concerns over food and energy prices may keep shoppers from splurging, retailers are expecting consumers to stock up on apparel, home decor, and, of course, food and candy - a good sign leading into the much busier and important months to come.”
The NRF survey also found that 62.6% of the sales will be at discount stores, 36.6% will be at department stores, 22.4% will be at speciality stores, 14.8% will be online, 8.1% will be at speciality clothing stores and 3.5% percent will be done through a catalog.
The survey also found that Easter’s biggest spender will be 25-34 year olds, who will average $173.41 this year.
For more information visit www.nrf.com.