St. Patrick s Day Means Green for Retailers

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Christian Cobb
5 years ago
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1 St. Patrick s Day Means Green for Retailers 1) More than 139 million Americans plan to spend a total of $5.3 billion celebrating St. Patrick s Day this year, according to a recent National Retail Federation (NRF) survey conducted by Prosper Insights & Analytics. The holiday falls on Friday, March 17, this year. 2) Americans are expected to spend an average of $37.92 on the holiday this year, compared to $35.37 last year. 3) The survey found that 52% of respondents who will celebrate will purchase food, 41% will purchase beverages, while 28% will buy apparel or accessories, 22% will buy decorations and 14% will buy candy. Time for The Wearing O The Green Again! Saint Patrick s Day is held every March 17 to celebrate Saint Patrick, the patron saint of Ireland. The day is a public holiday in Ireland, Northern Ireland, Newfoundland and Labrador in Canada, and the British Overseas Territory of Montserrat. It is enthusiastically celebrated in many areas with large Irish populations, such as New York, Boston and Chicago in the US. Spending in 2016 Expected to Hit $4.4 Billion This year, more than 139 million Americans plan to celebrate St. Patrick s Day, spending a total of $5.3 billion, according to the NRF/Prosper Insights & Analytics survey. The poll of 7,609 consumers was conducted during February 1 8, The projected spending total is 20% higher than last year s figure, an all-time high in the survey s 13-year history. 1

2 Figure 1. Planned St. Patrick s Day Spending (USD Bil.) $5.3 $4.1 $4.5 $4.7 $4.8 $4.6 $4.4 $ How are We Celebrating? According to the NRF survey, the majority of those polled plan to wear green on St. Patrick s Day. Survey respondents said their other top ways to celebrate were by making a special dinner, celebrating at a bar or restaurant, decorating a home or office or attending a private party. Figure 2. How Will You Celebrate? 82.5% 31.4% 27.5% 23.3% 15.2% Wear Green Make a Special Dinner Adend a Party at a Decorate Home or Bar/Restaurant Office Adend a Private Party 2

3 What are We Spending The Green On? The majority of those surveyed said they plan to purchase food for St. Patrick s Day, followed by beverages, apparel or accessories, decorations and candy. Figure 3. What Do You Plan to Purchase Specifically for St. Patrick s Day? 52% 41% 28% 22% 14% Food Beverages Apparel or Accessories Decoragons Candy When asked where they plan to make their purchases, 39% of survey respondents said they will buy their St. Patrick s Day items at a grocery store, while 29% said they would shop discount stores, 21% said they would spend at bars and restaurants, and 18% said they would purchase at department stores. Young People Celebrate More Enthusiastically According to the survey, respondents aged are the most enthusiastic St. Patrick s Day revelers: about 77% of survey respondents in this age group said they would celebrate this year. Spending Varies by Age The survey found that respondents aged are the biggest spenders, followed by those aged and then those Despite their higher level of enthusiasm about the holiday, respondents aged constituted only the fourth-highest spending bracket. 3

4 Figure 4. How Much Do You Plan on Spending? (Age Bracket) $37.17 $46.55 $43.22 $40.26 Average = $37.92 $33.72 $

5 Deborah Weinswig, CPA Managing Director Fung Global Retail & Technology New York: Hong Kong: China: Matthew Lee Research Assistant Hong Kong: 8th Floor, LiFung Tower 888 Cheung Sha Wan Road, Kowloon Hong Kong Tel: London: Marylebone Road London, NW1 6JQ United Kingdom Tel: 44 (0) New York: 1359 Broadway, 9th Floor New York, NY Tel: FungGlobalRetailTech.com 5

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