Retailers hit pot o' gold on St. Patrick's Day
Consumers are expected to spend nearly $2.7 billion this St. Patrick's Day, according to the National Retail Federation.
NEW YORK (CNNMoney.com) - Retailers will be feeling the luck o' the Irish this Spring, as consumers get ready to spend some greenbacks on St. Patrick's Day.
Consumers will spend an estimated $2.69 billion on St. Patrick's Day, up from $1.94 billion last year, according to the National Retail Federation's (NRF) St. Patrick's Day Consumer Intentions and Actions Survey.
The average person will spend $27.94, compared with $22.95 in 2005.
"With the popularity of the holiday increasing, St. Patrick's day has become a tremendous day for restaurants and bars, as well as for traditional retail outlets," NRF President and CEO Tracy Mullin said in a statement.
"Even small trinkets can be big sellers, as consumers respond favorably to retailers' special selection of holiday merchandise."
Wearing green remains one of the most popular ways to celebrate, with 82.4 percent of those surveyed planning to don their green apparel.
Other ways consumers plan to join in on the festivities include going to a bar or restaurant (24.7 percent), decorating their home or office (19.9 percent) or attending a party (15.9 percent). Yet not everyone plans on heading out, with 31 percent of those polled planning on making a special dinner at home.
The NRF credits the increase in spending in part to more people celebrating the holiday. This year, 43.2 percent of consumers will celebrate St. Patrick's Day, compared to only 38.5 percent of consumers who felt the holiday spirit last year.
The NRF surveyed 7,209 consumers from Feb. 2-8. The consumer poll has a margin of error of plus or minus 1.0 percent.
Personal income, spending rose in January, click here for more.