NRF: A late Easter could spur record spending

With Easter being almost a month later than last year, Americans are on track to spend more than ever, according to the National Retail Federation.



According to the study, which was conducted among 7,411 consumers between March 1-9, holiday spending is expected to reach $18.4 billion. Besides being up 6% over last year’s record $17.3 billion, spending is on pace to hit 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% from last year’s previous record of $146.



“Most consumers have almost an entire extra month to shop for Easter this year, and by the time the holiday comes the weather should be significantly warmer than last Easter,” NRF president and CEO Matthew Shay said.



“That should put shoppers in the frame of mind to splurge on spring apparel along with Easter decorations,” he added. “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.”



Consumers will spend $5.8 billion on food (purchased by 87% of shoppers), $3.3 billion on clothing (50%), $2.9 billion on gifts (61%), $2.6 billion on candy (89%), $1.2 billion on flowers (39%), $1.1 billion on decorations (43%) and $788 million on greeting cards (48%).



Meanwhile, the 50% of consumers planning to buy clothing is up from 45% last year — the highest level in a decade. The anticipated $3.3 billion total spend on clothing is up 9% from last year, the study reported.



Armed with their Easter shopping lists, 58% of consumers will head to discount stores, 46% will go to department stores and 26% will shop at local small businesses. In addition, 27% will shop online, up from 21% last year. Among smartphone owners, 28% will research products on their devices, while 18% will use their phones to make a purchase. Another 9% will use apps to do their research or purchase product, according to the study.



“Easter continues to be a traditional holiday for consumers of all ages, especially young families who are planning to spend a bit more for this celebration,” Prosper principal analyst Pam Goodfellow said. “With the later timing of Easter, we will see more consumers shopping for special deals, especially on apparel and decorations.”