Retailers prepare for a boost in sales as customers gear up for St. Patrick’s Day.
St. Patrick’s Day spending is expected to grow this year, according to the National Retail Federation (NRF)’s annual survey conducted by Prosper Insights & Analytics. The survey found spending for St. Patrick’s Day is expected to reach $5.3 billion, an all-time high in the survey’s 13-year history.
More than 139 million Americans plan to celebrate the Irish holiday, and are expected to spend an average of $37.92 per person, up from last year’s $35.37 and a new record that tops the previous record of $36.52 set in 2015. The $5.3 billion total is up dramatically from last year’s $4.4 billion and tops the previous record of $4.8 billion set in 2014.
“Now that winter is almost behind us and with St. Patrick’s Day falling on a Friday, we will see more Americans getting together to celebrate with friends and family,” NRF President and CEO Matthew Shay said. “Retailers should expect a nice boost in sales as consumers purchase apparel, decorations, food and beverages to help make their celebrations special.”
According to the survey, 83% of celebrants will wear green to show their Irish pride, 31% plan to make a special dinner and 27% will head to a party at a bar or restaurant.
Twenty-three percent will decorate their homes or offices in an Irish theme and 15% will attend a private party. In addition, 15% are planning to attend a St. Patrick’s Day parade, especially those living in the Northeast (21%).
The survey found that 52% of celebrants will purchase food, 41% beverages, 28% apparel or accessories, 22% decorations and 14% buy candy. Of those making purchases, 39% will go to grocery stores, 29% to discount stores, 21% to bars/restaurants and 18% to department stores.
“St. Patrick’s Day is a time for consumers of all ages to have fun and celebrate all things Irish whether it is attending a parade, cooking an Irish meal, or meeting friends at a bar or restaurant,” Prosper Insights Principal Analyst Pam Goodfellow said. “While more Americans are planning to celebrate the shamrock-filled day, expect Millennials to take the lead among the festivities.”
The holiday is most popular among individuals 18-24 years old, with 77% celebrating, but those 25-34 will be the biggest spenders at an average $46.55.
The survey, which asked 7,609 consumers about their St. Patrick’s Day plans, was conducted Feb. 1-8 and has a margin of error of plus or minus 1.1 percentage points.