RetailSails

While not traditionally viewed as a big spending holiday, retailers will nonetheless have an opportunity to grab a piece of the nearly $3.5 billion consumers are expected to spend on decorations, party favors, and green attire this St. Patrick’s Day.

Based on the National Retail Federation’s (NRF) annual St. Patrick’s Day survey, the average consumer will spend $33.05 this year on St. Patrick’s Day merchandise, up slightly from $32.80 in 2009. Overall spending is expected to rise for the first time since 2007 by about 5% to $3.44 billion, driven by young adults looking to attend private parties or celebrate at bars and restaurants.

“With many people still worried about the economy, St. Patrick’s Day is a great opportunity for consumers to have a little fun,” said Tracy Mullin, President and CEO, NRF. “Retailers as well as restaurants should see an increase in traffic this year as people begin to shake off their winter blues and celebrate this traditionally festive holiday with friends and family.”

Nearly half (45.2%) of all consumers surveyed expect to celebrate in some way, with over 80% saying they will wear green and a third indicating they will make a special dinner. And almost all young adults pretend they’re Irish for a day, as more than three-quarters of 18-24 year olds will celebrate – almost all (88.6%) will wear green and over 40% of 18-34 year olds will celebrate at a bar or restaurant.

“With limited budgets for their discretionary expenditures, partygoers will look for inexpensive ways to celebrate St. Patrick’s Day this year,” said Phil Rist, Executive Vice President, Strategic Initiatives, BIGresearch. “Private parties are a great way to save money as friends and family can share all the costs.”