Those extra gas savings have to go somewhere.
According to the National Retail Federation’s annual Easter Spending Survey, Americans anticipate shelling out more money than ever before on Easter this year.
The survey, conducted by Prosper Insights and Analytics, projects that spending for the holiday could reach $17.3 billion. And those celebrating this year plan to spend an average of $146 each, according to the survey.
At its highest level in the 13 years NRF has been conducting the survey, Americans’ grand spending plans should be a significant boon to retailers.
“Retailers are beginning one of their busiest times of year and are more than ready as consumers shop for spring essentials,” NRF President and CEO Matthew Shay said in a release. “Shoppers will find promotions on a number of items on their lists, from Easter baskets to sports equipment, home goods, garden tools and more.”
According to the survey, consumers will spend $5.5 billion on food, $3 billion on clothing, $2.7 billion on gifts, $2.4 billion on candy and $1.2 billion on flowers.
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Consistent with the trend for much of the past year, consumers are increasingly turning toward the off-price channel to meet their shopping needs. The survey found that 58.4 percent of shoppers will head to discount stores, 41.4 percent will go to department stores and 24.7 percent will shop at local small businesses.
E-commerce growth will also continue to accelerate as 21.4 percent of consumers said they would shop online, up from 18.8 percent last year.
“Easter is a traditional holiday that consumers of all ages and on all budget levels celebrate with family and friends,” Prosper Principal analyst Pam Goodfellow said in a release. “Consumers have longs lists of items they need to get their spring off to a good start. Smart shoppers plan to compare prices, research the items on their lists and take advantage of promotions on things like apparel and candy.”