Easter Holiday Remains Big Business Despite Americans' More Cautious Spending Approach
April 15, 2014
(Off The Menu)
– Though many Americans are taking a more cautious approach to spending on Easter items this year, a recent survey by the National Retail Federation shows that the spring holiday remains big business for the food and beverage industry.
According to the survey, Americans will spend an average of $137.46 this year on Easter-related items, including food. While that’s down from the $145.13 that people spent last year, total Easter spending for 2014 is expected to reach $15.9 billion.
Additionally, the survey said that although fewer Americans will celebrate this year (80.3% vs. 83% last year), families are still looking forward to their traditional Easter Sunday meals. Those who do plan to celebrate will spend the most on a grocery bill for a family dinner or Sunday brunch out; according to the survey, 85.7% of those celebrating will spend an average of $43.18 on a holiday meal, totaling $5 billion.
Additionally, the survey stated that 89.3% of those celebrating will stock up on Easter candy, spending a total of $2.2 billion on their children’s favorite sweet treats.
When you go to the supermarket during this time of year, Easter-related items are everywhere you look. With the money these items are bringing in, it’s easy to understand why.
Nevin Barich is the Food and Beverage Analyst for Industry Intelligence. Email him here or follow him on Twitter here.