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Spending on St. Patrick’s Day to Reach $4.7 Billion
WASHINGTON -- The biggest Irish holiday falls on a Sunday this year, but that won’t stop millions of Americans from celebrating St. Patrick’s Day in fun fashion. The average person will spend $35.27 on green attire, decor for their homes and offices and festive food and drinks.
Total spending is expected to reach $4.7 billion, says a report from the National Retail Federation.
“St. Patrick’s Day is the perfect reminder that spring is right around the corner, and given the type of winter many Americans have had, it’s safe to say consumers are ready to shake off their winter blues with a little green,” said Matthew Shay, president of the federation. “With Easter falling only two short weeks behind St. Patrick’s Day this year, many retailers have already lined their shelves with baskets, candy and bright-colored apparel. Budget-conscious shoppers will look for promotions ahead of time hoping to kill two birds with one stone, shopping for Easter gifts while picking out shamrock-themed decorations.”
The survey found that 84.2% of those celebrating St. Patrick's Day will observe it by wearing green, hoping to avoid the traditional pinches that come to those who neglect to dress the part. An additional 23.3% will decorate their home or office, and 34.6% will make a special dinner.
As a non gift-giving holiday, many consumers simply want to let loose and have fun with their friends and family at a private party or at their favorite restaurant or bar. According to the survey, 19.5% of consumers who plan to celebrate this year will attend a private party, and 27.4% will attend a party at a bar or restaurant.
“There’s no question that this holiday resonates most with younger adults, but even mom and dad will get in the spirit this year by making special plans for a night in, or visit with friends and neighbors for the afternoon,” said Pam Goodfellow, consumer insights director at BIGinsight, which conducted the survey. “For many, sticking to a budget will mean weighing their needs and wants and even looking around the house for fun, festive items they can reuse like green beads, Irish-themed pins and buttons and home décor items.”
Young adults ages 18 to 24 may be the age group planning the most celebrations (77.3%), but 35- to 44- year-olds will be the ones spending the most at an average of $41.68. Close behind are adults 25 to 34, who will spend an average of $41.58.
The National Retail Federation is the world's largest retail trade association.
Copyright 2013 The Business Journal, Youngstown, Ohio.
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