People will search for bargains as they set out to do their Easter shopping this year, according to a survey conducted by the National Retail Federation (NRF) in early March.
A total of 80 percent of Americans will celebrate the holiday and spend a collective $20.8 billion, down slightly from last year’s forecast of $21.6 billion, according to the NRF and Prosper Insights & Analytics.
Half (51 percent) of consumers are planning in-person celebrations, up from 43 percent the previous year, and food will account for the largest spending category. Among those planning to celebrate Easter, the average spend is $53.61 on food, followed by $28.04 on gifts and $27.93 on clothing.
The survey found that inflation concerns are impacting Easter shopping. “If the price of an Easter-related item is higher than expected, 42 percent of consumers said they will look for it at another retailer and 31 percent will find an alternative like another brand or color,” the NRF stated. “Like last year, half (50 percent) of holiday shoppers plan to purchase gifts at discount stores, 41 percent at department stores and 35 percent online.”
NRF President and CEO Matthew Shay said, “Friends and family want to be together, and consumers are willing to spend money to make these events memorable.”
Details about the survey can be found on the NRF website.