NRF: Easter Expected to Bring Record Spending
This article contains excerpts from a March 23 press release from the National Retail Federation titled “NRF Says Later Easter Expected to Bring Record Spending.”
March 23, 2017 | Americans will spend more than ever as they celebrate Easter nearly three weeks later this year than in 2016.
According to the National Retail Federation’s (NRF) annual survey conducted by Prosper Insights & Analytics, spending for Easter is expected to reach $18.4 billion, up 6 percent over last year’s record $17.3 billion and a new all-time high in the survey’s 14-year history. Those celebrating plan to spend an average of $152 per person, up 4 percent from last year’s previous record of $146.
While the NRF survey did not project toy sales this Easter, The NPD Group reported that Easter sales reached $680 million in 2016. Easter has represented just under 3% of annual toy sales in the U.S. over the last five years, NPD says.
Matthew Shay, NRF’s president and chief executive, says in a press release that the later date for Easter this year should put shoppers in the frame of mind to splurge on Easter apparel and decorations. “With the economy improving, consumers are ready to shop and retailers are ready to offer great deals whether they’re buying Easter baskets or garden tools,” he says.
Consumers plan to spend $5.8 billion on food (purchased by 87 percent of shoppers), $3.3 billion on clothing (50 percent), $2.9 billion on gifts (61 percent), $2.6 billion on candy (89 percent), $1.2 billion on flowers (39 percent), $1.1 billion on decorations (43 percent) and $788 million on greeting cards (48 percent), the NRF survey says.
NRF’s survey, which asked 7,411 consumers about their Easter plans, was conducted March 1-9, 2017.