According to the National Retail Federation, Americans will spend a record amount in the lead-up to Easter. The holiday comes nearly three weeks later this year than last.
The NRF’s annual survey conducted by Prosper Insights & Analytics finds that Easter is expected to reach $18.4 billion in 2017. That would be a six percent increase over last year, which had also seen a record spending amount at $17.3 billion.
“Most consumers have almost an entire extra month to shop for Easter this year, and by the time the holiday comes the weather should be significantly warmer than last Easter,” says NRF President and CEO Matthew Shay. “With the economy improving, consumers are ready to shop and retailers are ready to offer great deals.”
Relevant to retail bakeries, the survey finds that consumers will spend $5.8 billion on food (purchased by 87 percent of shoppers) and $2.9 billion on gifts (61 percent).
“Easter continues to be a traditional holiday for consumers of all ages, especially young families who are planning to spend a bit more for this celebration,” says Prosper Principal Analyst Pam Goodfellow. “With the later timing of Easter, we will see more consumers shopping for special deals.”