Consumer spending is expected to reach a total of $22.4 billion this Easter, according to the annual survey from the National Retail Federation and Prosper Insights & Analytics. The total figure is the second highest in the survey’s history, after last year’s record-setting $24 billion when the holiday fell nine days later in the year.
“Each year, Americans look forward to the celebration of Easter and the renewal of time and traditions with loved ones,” NRF President and CEO Matthew Shay said. “Retailers understand the importance of this holiday and are ready to help their customers find the items they want and need at affordable prices.”
A majority of Americans (81%) plan to celebrate the holiday in 2024, the same as last year. They plan to spend an average of $177.06 per person, the third highest per-person spend in the survey’s history, after $192.01 last year and $179.70 in 2021.
Consumers continue to spend the most on food ($7.3 billion), followed by clothing ($3.5 billion) and gifts ($3.4 billion). Additionally, spending on candy is expected to reach $3.1 billion while spending on flowers is expected to reach $1.6 billion.
Consumers plan to celebrate holiday traditions in much the same way as previous years. The most popular Easter Sunday activities include cooking a holiday meal (57%), visiting friends and family (53%) and going to church (43%). Half (51%) of households with children are planning an Easter egg hunt at home.
The top destinations to purchase Easter gifts include discount stores (53%), followed by department stores (40%), online (33%), local/small businesses (22%) and specialty stores (20%).
According to the survey, consumers said they are inspired to shop for Easter-related items because it’s tradition (64%), a social activity with family or friends (32%), or because of sales and promotions (29%).
“The overall shopping experience itself also plays a role in purchasing behavior,” Prosper Executive Vice President of Strategy Phil Rist said. “This year almost one-quarter of consumers said they were inspired to shop for Easter items from store displays and decorations as well as exclusive or seasonal products.”
Over half (55%) of those not celebrating Easter still plan to take advantage of holiday-related sales. They expect to spend an average of $20.52 per person, or $0.62 billion in total, on these items.
As the leading authority and voice for the retail industry, NRF provides data on consumer behavior and spending for key periods such as holidays throughout the year.
The survey of 8,372 U.S. adult consumers was conducted March 1 – 6 and has a margin of error of plus or minus 1.1 percentage points.
Thanks for reading CPA Practice Advisor!
Subscribe Already registered? Log In
Need more information? Read the FAQs
Tags: Payroll
