St. Patrick’s Day Still Lucky for Retail Industry
Despite falling on a Monday this year, more than half of Americans (55%) plan to celebrate St. Patrick’s Day. According to the National Retail Federation, 133 million people will celebrate the Irish holiday this year. Total spending on the day’s festivities is expected to reach $4.8 billion, essentially flat with 2013 spending.
Although spending on the green holiday is small in comparison with other consumer holidays, it’s still a social event in communities across the country and an important day for the retail industry. Consumers will celebrate their Irish roots or Irish-American culture in a variety of festive ways. The average person will spend $35, increasing traffic for grocery stores, restaurants and stores selling green apparel.
There’s no question it’s a popular holiday for millennials – 77% of 18-24 year-olds plan to celebrate and 90% of them will wear something green. Those in their 20s and 30s will flock to restaurants and bars with their friends, looking for the best deals on green beverages while dressing in creative green outfits, Irish costumes and festive accessories. Asked how they will celebrate, 45% of 25-34 year olds will attend a party at a bar or restaurant; others will attend a private event.
But Americans of all ages will look to celebrate in a variety of ways; eight in 10 of those celebrating this year said they will wear green and another one in five will decorate their home or office with St. Patrick’s Day decor.[Source: “St. Patrick’s Day Consumer Spending survey.” Prosper Insights and Analytics/The National Retail Federation (NRF). 3 Mar. 2014. Web. 11 Mar. 2014.]