NRF expects hopping sales this spring due to Easter
The Easter holiday will buoy sales in the retail industry in April, with a new report from the National Retail Federation suggesting total consumer expenditures to reach $16.8 billion for the occasion. The study, conducted by the NRF and BIGinsight, found the average American will spend approximately $145.28 on apparel, candy, decorations and other retail staples for Easter, up from the $131.04 expended last year.
"Though the price of gas is on everyone's mind, Easter is one of the few holidays some consumers are willing to stretch their budgets, especially because many children look forward to treats and new outfits on Easter morning," said NRF president and CEO Matthew Shay. "Retailers will make sure to offer plenty of promotions on candy, apparel, food and decorations in the coming weeks for eager holiday shoppers."
Specialty retailers selling clothes will be the biggest beneficiaries, with nearly half of survey respondents (48.5 percent) planning to take advantage of spring sales to pick up the latest seasonal fashions and accessories. Total apparel spending is slated to hit $3 billion during the Easter time frame.
Of course, candy will also be a hot commodity – 89.3 percent of survey takers will be spending big on confectionery and other sweet treats. Overall, more than $2 billion will be devoted to the purchase of chocolate eggs and jelly beans. The average person will spend $20.35 on candy (up from $18.35 last year) and $26.11 on apparel (an increase from $21.51 from last year).
Outside of these two main staples, there are other core retail products that will garner some consumer dollars. Easter meals, flowers, decorations, greeting cards – these goods will similarly be top purchases for a significant number of Americans.
"Beautiful weather conditions coupled with a slight lift in consumer confidence will likely be a boon to the Easter holiday this year as consumers begin to seek out new spring merchandise for their home or garden, and even their wardrobe," said BIGinsight Consumer Insights director Pam Goodfellow. "It remains to be seen though, if this spending momentum will carry into the coming months …"
Many retailers thought the rising cost of everyday necessities, such as fuel or groceries, would cause consumers to peel back spending, but that's evidently not the case. Merchants should change up store operations and offer special promotions to encourage Easter shopping.
