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Easter Bunny's out shopping
Industry group estimates consumers will spend over $10 billion on candy, gifts and clothes this year.March 23, 2004: 1:00 PM EST By Parija Bhatnagar, CNN/Money staff writer NEW YORK (CNN/Money) Consumers are in a mood to spend a little more on candy and clothes this Easter, an industry report said Tuesday. Those who will celebrate plan to spend an average of $107.17, up about 4 percent from $102.76 a year ago, according to the National Retail Federation's (NRF) Easter Consumer Intentions and Actions Survey. In its first-ever measure of the season, the NRF said total Easter holiday spending this year could exceed $10 billion.
The average spending on flowers, decorations and greeting cards is expected to be less than $10 each per person, the study said. Industry watchers point out that while Easter has become a less important holiday shopping period for retailers, apparel sales typically see the most gains because it also coincides with the beginning of spring. Retailers last year blamed a late Easter last year, combined with unfavorable weather, for sluggish sales during the holiday. Separately, Easter spending by male consumers is expected to jump more than 13 percent to $115.91, the report said, with more men than women buying flowers and men on average spending more on clothes. Last year, the same number of men and women purchased flowers, and women spent more on clothes. "Men will not be taking a back seat on spending this holiday," NRF president and CEO Tracy Mullin, said in the report. "Retailers that market Easter merchandise solely to women will be missing out on a big piece of the pie." |
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