Retail

Easter spending in US nears record highs with $22.4 bn forecast: NRF

18 Mar '24

2 min read

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Insights

US Easter spending is forecast to hit $22.4 billion, slightly below last year's $24 billion.
An 81 per cent participation rate with an average spend of $177.06 per person is noted.
Spending of $3.5 billion is forecast for clothing.
The holiday's traditions and sales are key motivators, with even 55 per cent of non-celebrants drawn to discounts.

Americans are expected to lavish $22.4 billion on Easter celebrations this year, according to an annual survey by the National Retail Federation and Prosper Insights & Analytics This expenditure is just shy of the previous year's record-breaking $24 billion, making it the second-highest total spending recorded by the annual survey. The slight dip in spending is noted despite the holiday occurring earlier than last year, which saw the festivities falling nine days later.

The survey uncovers that a steadfast 81 per cent of Americans are gearing up to observe the holiday, mirroring last year's participation rate. Each participant is anticipated to spend an average of $177.06, ranking as the third most extravagant per-person expenditure in the survey's annals. This follows a higher spending of $192.01 in the preceding year and $179.70 in 2021.

A significant portion of the budget is allocated to clothing, with a whopping $3.5 billion expected to be spent, underscoring the continual importance of holiday attire, as per the survey.

The motivations behind the Easter shopping spree are varied, with 64 per cent of consumers drawn to the tradition it represents. Meanwhile, 32 per cent view it as an opportunity for social gatherings with family or friends, and 29 per cent are enticed by sales and promotions.

Interestingly, the allure of Easter sales extends beyond those celebrating the occasion, with 55 per cent of non-participants also planning to indulge in the festive discounts. These consumers project an average spend of $20.52 each, contributing to a total of $0.62 billion in holiday-related purchases.

“Each year, Americans look forward to the celebration of Easter and the renewal of time and traditions with loved ones,” said NRF president and CEO Matthew Shay. “Retailers understand the importance of this holiday and are ready to help their customers find the items they want and need at affordable prices.”

Fibre2Fashion News Desk (DP)

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