Apparel and other retailers can expect increased traffic in the stores this Easter, thanks in-part to the holiday falling later in the year. The NRF 2006 Easter Consumer Intentions and Actions Survey, conducted by BIGresearch for NRF, found that 77.6% of Americans plan to celebrate Easter, up marginally from the previous year (75.9%). Total Easter spending is estimated to reach $12.63 billion in 2006, a significant increase from the $9.6 billion spent in 2005. This year, the average shopper expects to spend $121.72 on Easter, up from $96.51 in 2005.
A major factor for the rise in consumer spending this Easter has to do with the holiday falling later in the Spring season. Consumer spending on apparel is expected to increase greatly over the previous year, when the holiday fell on March 27, the earliest Easter in 16 years. According to the survey, 41.2% of consumers plan to purchase clothing for the upcoming holiday, compared to only 29.4% in 2005. Of those that will be purchasing apparel, the average consumer plans to spend $55.50. In comparison, of those that bought apparel for Easter in 2005, the average consumer spent $49.95.
“After a long, cold winter, consumers are ready to pack away their scarves and gloves and hit the stores for their Spring wardrobe,” said NRF President and CEO Tracy Mullin. “The seasonal weather should allow many apparel retailers to breathe a sigh of relief.”
Consumers will be dedicating almost one-third of their Easter budget to food purchases ($36.44). Other items shoppers will be scooping up include clothing ($22.87), gifts ($18.62), candy ($16.65), flowers ($8.02), decorations ($6.36), and greeting cards ($6.51).
Consumers between the ages of 35-44 are once again expected to spend the most on Easter this year ($134.42). Spending among young adults 18-24 years old, who spent the least amount on Easter last year ($65.40), will nearly double this year, with the average young adult spending $121.48. In addition, shoppers in the Northeast will be spending the most on the holiday ($144.03), while shoppers in the Midwest will spend the least ($105.59).
“The Easter holiday signifies the kick-off to Spring, for both consumers and retailers” said Phil Rist, Vice President of Strategy for BIGresearch. “As Easter approaches, we will begin to see more pastel colors and seasonal merchandise hitting the shelves.”
Discount stores will remain popular destinations this Easter, with more than one-half (59.6%) of consumers heading out to their favorite bargain retailers. Other shopping destinations include department stores (30.0%), specialty stores (22.2%) and online (10.8%).
