Retail

US consumers to spend up to $24 bn this Easter: Survey

22 Mar '23

2 min read

Pic: Shutterstock/ ViDI Studio

Consumers in the US plan to spend a collective $24 billion on Easter this year, up from $20.8 billion in 2022 and the previous record high of $21.7 billion in 2020, as per a survey. Eighty-one per cent of Americans will celebrate the holiday and spend an average of $192.01, the highest figure on record.

Consumers are expected to spend $4 billion on clothing, according to an annual survey by the National Retail Federation (NRF) and Prosper Insights and Analytics.

“Easter endures as an important holiday for many Americans, signifying new beginnings and a time of celebration with friends and family,” said NRF president and CEO Matthew Shay. “As consumers plan to mark the occasion through a variety of traditions, retailers are dedicated to making this year a memorable holiday.”

As in previous years, 54 per cent of consumers said they will buy Easter gifts from discount stores. Other shopping destinations include department stores selected by 42 per cent consumers, online by 33 per cent, local and small businesses by 22 per cent, and specialty stores by 20 per cent.

“We are seeing real Easter sales growth compared with pre-pandemic, and among the drivers are consumers who are planning to purchase more Easter clothing and gifts,” said Prosper executive vice president of strategy Phil Rist. “Additionally, consumers ages 35–44 will bump up their spending more than any other group.”

About 54 per cent of those not celebrating the holiday still plan to take advantage of Easter-related bargains. They anticipate spending $23.41 per person.

The survey of 8,499 US adult consumers was conducted March 1-7, 2023, and has a margin of error of +/- 1.1 percentage points.

Fibre2Fashion News Desk (NB)

More Retail News - United States Of America...