Consumer Trends: Americans Will Spend Less This Easter
WASHINGTON (NRF) — Ready for sunshine, chocolate eggs and jellybeans, consumers will welcome the Easter Bunny with open arms this year. According to NRF’s Easter Spending Survey conducted by Prosper Insights & Analytics, the average American celebrating the holiday will spend an average of $137.46 on apparel, food, candy, gifts and more, slightly less than the $145.13 spent last year. Total spending is expected to reach $15.9 billion.*
“The winter doldrums left consumers with a lot of pent-up demand, and though many Americans may take a cautious approach to spending on Easter items this year, retailers are anticipating that warmer weather will easily put consumers in the mood to buy bright clothes, holiday decorations and more,” said NRF President and CEO Matthew Shay. “As one of the biggest holidays of the year, retailers are looking forward to increased customer traffic in stores and online, and will roll out promotions on everything from garden supplies and patio sets to apparel and grocery items as they help their customers prepare for the holiday.”
Though fewer Americans will celebrate this year (80.3% vs. 83% last year), families are still looking forward to their traditional Sunday meals. Those who do plan to celebrate will spend the most on a grocery bill for a family dinner or Sunday brunch out; according to the survey, 85.7 percent of those celebrating will spend an average of $43.18 on a holiday meal, totaling $5 billion.
Since the holiday traditionally marks the ceremonial start to spring, 42.9 percent will purchase new spring attire, such as bright Easter dress clothes for their children, spending an average of $22.71; total spending on apparel is expected to reach $2.6 billion. Additionally, nine in 10 (89.3%) of those celebrating will stock up on Easter candy, spending a total of $2.2 billion on their children’s favorite sweet treats. Families will also spend on gifts ($2.4 billion), flowers ($1.1 billion) and decorations ($1.1 billion).
“Americans are eager to dip their toes in the fresh green grass this Easter and celebrate the day with friends and family,” said Prosper Insights and Analytics Director Pam Goodfellow. “Though they are planning to trim their budgets in terms of spending on food, clothes and gifts, most will look for personal and fun items that won’t break the bank in order to enjoy the day.”
The survey also found that many will use smartphones or tablets to check off their Easter shopping list. Of those who own smartphones, nearly one in four (23.4%) will use their device to research products or compare prices. Just 12.2 percent will make an actual purchase with their smartphone. Nearly one in five (19.2%) tablet owners will make a purchase on their device, but most will simply research holiday gifts, apparel and other items (30.2%).
About the Survey
The NRF 2014 Easter Spending Survey, conducted for NRF by Prosper Insights & Analytics was designed to gauge consumer behavior and shopping trends related to Easter spending. The poll of consumers was conducted from March 4-11, 2014. The consumer poll of 6,387 has a margin of error of plus or minus 1.3 percentage points.
Prosper Insights and Analytics delivers executives timely, consumer-centric insights from multiple sources. As a comprehensive resource of information, Prosper represents the voice of the consumer and provides knowledge to marketers regarding consumer views on the economy, personal finance, retail, lifestyle, media and domestic and world issues. www.ProsperDiscovery.com
NRF is the world’s largest retail trade association, representing discount and department stores, home goods and specialty stores, Main Street merchants, grocers, wholesalers, chain restaurants and Internet retailers from the United States and more than 45 countries. Retail is the nation’s largest private sector employer, supporting one in four U.S. jobs – 42 million working Americans. Contributing $2.5 trillion to annual GDP, retail is a daily barometer for the nation’s economy. NRF’s This is Retail campaign highlights the industry’s opportunities for life-long careers, how retailers strengthen communities, and the critical role that retail plays in driving innovation. www.nrf.com.