Americans plan to spend more than ever on Easter this year, according to one survey.
Easter spending is estimated to hit $17.3 billion this year, or $146 per person on average, according to a survey from the National Retail Federation. That’s up from $140.62 last year and marks the highest level in the survey’s 13-year history.
Collectively, Americans plan to spend the most on food at $5.5 billion, followed by $3 billion on clothes, $2.7 billion on gifts, $2.4 billion on candy and $1.2 billion on flowers.
The majority of consumers (58 percent) plan to do their Easter shopping at discount stores, while 41 percent will go to department stores. Almost a quarter will visit local small business, and just over a fifth intend to shop online, according to the NRF.
Millennials will spend more than any other generation on Easter, shelling out $176.90 on average, according to a separate survey from the International Council of Shopping Centers. Gen Xers plan to spend $127 and Baby Boomers say they will spend $113.70 on average. Overall, three in five American adults will spend money on Easter-related products this year.
More than half of Americans (55 percent) are planning to celebrate Easter by cooking a holiday meal, according to the NRF survey. For those making an Easter feast, the traditional baked ham will cost markedly less this year compared with 2015. Prices for bone-in ham are down 20 percent versus a year ago, according to the most recent figures from the federal government.
But egg-dyeing is more expensive, thanks to a bird flu that affected a significant number of egg-laying hens last year. Prices for eggs increased 8 percent compared with 2015, which will affect 31 percent Americans who plan on having an Easter egg hunt this year, according to the NRF.
Written by Janna Herron of Fiscal Times
(Source: The Fiscal Times)