NRF: Easter spending rises; holiday falls later |
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Sunday, 19 March 2006 07:00 PM America/New_York |
Total Easter spending is predicted to reach $12.63 billion in 2006, a significant increase on the $9.6 billion spent in 2005, the National Retail Federation (NRF) reported. The NRF released its 2006 Easter Consumer Intentions and Actions Survey, which found that 77.6% of Americans plan to celebrate Easter, up marginally from 2005's (75.9%), and the average shopper is expected to spend $121.72 on Easter, up from $96.51 last year. A major factor for the rise in consumer spending this Easter, the NRF said, is due to the holiday falling later in the season. Consumer spending on apparel is expected to increase greatly over 2005, when the holiday fell on March 27, the earliest Easter in 16 years. While the majority of Easter spending will go to food purchases and apparel, the NRF reported shoppers will spend an estimated $18.62 on gifts this year, and $16.65 on candy, $6.36 on decorations and $6.51 on greeting cards. Consumers ages 35-44 are expected to spend the most on Easter this year ($134.42), a continued trend from 2005. Spending among young adults 18-24 years old, who spent the least amount on Easter last year ($65.40), will nearly double this year, with the average young adult spending $121.48, the NRF said. In addition, shoppers in the Northeast will be spending the most on the holiday ($144.03), while shoppers in the Midwest will spend the least ($105.59). “The Easter holiday signifies the kickoff to spring, for both consumers and retailers,” said Phil Rist, vice president of strategy for BIGresearch, which conducted the survey for the NRF.
Discount stores will remain popular destinations this Easter, with more than one-half (59.6%) of consumers heading out to their favorite bargain retailers. Other shopping destinations include department stores (30%), specialty stores (22.2%) and online (10.8%).
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