Monday, March 26, 2007

Easter Spending Expected To Reach $14 billion

After a long, cold winter for most of the country, consumers are eager to celebrate Easter with their family and friends, according to NRF’s 2007 Easter Consumer Intentions and Actions Survey. This year, shoppers who are planning to celebrate Easter (79.5%) are expected to spend an average of $135.07, up 11 percent from last year’s $121.72 per person. Total holiday spending is estimated to reach $14.37 billion*.

Spending is expected to increase across the board, with the average shopper planning to invest the most on a new spring outfit ($26.03) and food for their Easter meal ($37.56). Other popular Easter purchases include candy ($18.53), gifts ($20.61), flowers ($9.63) and decorations ($7.63).

“Easter is a critical time for apparel retailers,” said NRF President and CEO Tracy Mullin. “Retailers will be looking to the warmer weather to help stimulate the sale of spring apparel.”
With Easter coming relatively early this year, retailers have already begun stocking their shelves in anticipation of the big day. Department stores will be a popular shopping destination this year, (36.8% vs. 30.0% last year). Other popular locations for Easter shopping include specialty clothing stores (6.7%), specialty stores (23.7%), online (12.7%) and catalog (5.6%). Although discount stores will see the most traffic, they won’t see as much as last year (57.2 vs. 59.6%).

Shoppers between the ages of 25-34 will spend the most per person this year ($147.47). Coming in second is the 45-54 age group ($144.13), followed by 35-44 year olds ($139.36) and 18-24 year olds ($137.30).

No comments: