Easter spending is expected to be higher than usual this year, as a report from the National Retail Federation (NRF) finds consumers plan to spend an average of $179.70 — the highest number on record.
The report finds 79 percent of Americans will be celebrating the event, spending a collective $21.6 billion. That number will mark a slight decline from last year’s pre-pandemic forecast of $21.7 billion, the NRF reports.
The biggest growth drivers this year include Easter gifts, food and candy, with customers planning to spend an average of $31.06 on gifts, $52.50 on food and $25.22 on candy.
“With new stimulus funds from the President’s American Rescue Plan, positive trends in vaccinations and growing consumer confidence, there is a lot of momentum heading into the Spring and holiday events like Easter,” said NRF President and CEO Matthew Shay. “Many have figured out how to celebrate holidays safely with family and that is reflected in consumer spending this Easter.”
In addition, as people get vaccinated more, consumers might be looking at celebrating holidays in ways they wouldn’t have done a year ago. And new CDC guidelines might give them the courage to do so, the NRF writes.
Fifty-nine percent of consumers plan to mark the holiday by cooking a holiday meal, 43 percent by visiting friends and family, 43 percent by watching TV and 28 percent by attending church.
Much has been made of the economic recovery, with analysts saying everything from eating out at restaurants to booking hotel rooms or making spa day appointments could be helping to get things back on track.
The Wall Street Journal wrote that Americans spending more means the economy will be bolstered. The combination of vaccinations, federal stimulus dollars and more household savings have led to more spending overall in recent months. The report from WSJ says gyms, salon and spa spending have been boosted to levels not seen since before the pandemic.
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