|NRF: St. Patrick’s Day gives retailers a sales boost|
|Written by Taylor Berglund|
|Thursday, 10 March 2016 11:20 AM America/New_York|
More than 125 million Americans plan to celebrate St. Patrick’s Day, according to the National Retail Federation’s (NRF) annual St. Patrick’s Day Spending Survey conducted by Prosper Insight and Analytics. Consumers are expected to spend an average of $35.37 per person, down slightly from last year’s $36.52. Total spending for the March 17 holiday is expected to reach $4.4 billion based on U.S. population 18 and older.
Fans of St. Patrick’s Day plan to celebrate in a number of ways. According to the survey, 82.1 percent will wear green to show their Irish pride, 31.3 percent plan to make a special dinner, 28.7 percent will head to a party at a bar or restaurant and 21.1 percent will attend a private party. In addition, 22.8 percent plan to decorate their homes or offices in an Irish theme.
Matthew Shay, NRF’s president and CEO, said the Irish holiday should give retailers a spring boost.
“Retailers expect to see a nice boost in sales as consumers head to stores looking for apparel, decorations, food and beverages to help make their St. Patrick’s Day celebrations special,” Shay said. “With the winter holidays behind us and spring flowers starting to bloom, St. Patrick’s Day provides a perfect opportunity for Americans to get together to celebrate with friends and family.”
According to the survey, 56.5 percent of those celebrating will purchase food and beverages, 28 percent will buy apparel or accessories, 23.3 percent will buy decorations and 17.2 percent will buy candy.
The survey asked where consumers will make their St. Patrick’s Day purchases. More than a third, 36.2 percent, plan to do so at a grocery store, 30.4 percent at discount stores and 20.8 percent at bars and restaurants. The holiday is most popular among individuals 18-24 years old, with 70.1 percent celebrating, but those 25-34 years old will be the biggest spenders at an average $42.58.
Prosper’s Pam Goodfellow commented on the survey’s results.
“St. Patrick’s Day isn’t a holiday for giving gifts, but it is a time for inexpensive and fun celebrations that make it easy for consumers of any age and on any budget to take part in the festivities,” Goodfellow said. “Whether they’re heading to a parade, cooking an Irish meal or joining friends at a bar or restaurant, consumers will take the opportunity to get festive and celebrate.”