This year, it is approximately $24 billion!
According to the National Retail Federation, it was reported that a majority of American consumers have plans to celebrate Easter this year. Additionally, the organization anticipates that the average expenditure per consumer, which includes purchases for items like new clothes, food, candy, presents, and decorations, will be around $192.01. This year, Easter spending is projected to hit a record-breaking $24 billion, surpassing the previous record of $21.7 billion set in 2020.
The projected spending for Easter this year shows that consumers intend to allocate the largest portion of their budget, approximately $7.3 billion, towards food. Additionally, consumers plan to increase their expenditure on clothing and gifts, with expected spending of $4 billion and $3.8 billion respectively, exceeding last year’s figures. Furthermore, candy sales for the upcoming 2023 Easter holiday are estimated to reach a total of $3.3 billion.
Data shows that Americans are willing to make sacrifices and prioritize holiday celebrations despite facing financial constraints. Katherine Cullen, the Senior Director of Industry and Consumer Insights at NRF, noted that Americans were allocating more resources towards holiday celebrations to bring joy and meaning to their lives amidst the uncertainty and stress of the pandemic.
Cullen suggested that the increase in Easter spending this year is partly attributed to the rise in food prices. However, she also proposed a theory that the significant surge in holiday spending may be due to a shift in consumers’ priorities. Instead of being solely focused on the stress caused by the pandemic, people may now be looking to celebrate and enjoy the festivities of the Easter holiday with their loved ones. “A lot of consumers are not as worried or as locked down,” she said. “But we are still seeing – even with some of the economic uncertainty going on – people are still really valuing the celebration.”