NRF Reports: Slightly Less Green to be Seen This St. Patrick’s Day
by Christina Lee on March 4th, 2009
This St. Patrick’s Day, retailers are less likely to spot green on consumers, whether they are wearing or carrying it, according to a National Retail Federation survey released yesterday.
As fewer consumers decide to participate, so do their total expected spending. This year, 44.1 percent of U.S. consumers plan to spend $3.29 billion on St. Patrick’s Day. Both figures show a slight decline in both participation and spending from last year, when 46.0 percent of consumers said they planned to spend $3.64 billion to celebrate.
The notable decline in spending derives from everyone – even the biggest holiday spenders, young adults – choosing to spend cautiously this year.
“Increased concern about the economy among young adults has forced many of them to pull back on discretionary spending,” said Tracy Mullin, president and CEO of the National Retail Federation. While 71.8 percent of them celebrated last year, only 66.3 percent decided to participate this year.
The most profitable St. Patrick’s Day observed in past five years, back in 2007, fell on a Saturday. As a result, nearly one-third of participating consumers planned to celebrate at a restaurant or bar. Slightly less, about 29.6 percent, plan to do so this year.
Traditionally though, the ways U.S. consumers celebrate the holiday tend to remain the same, according to the National Retail Federation. As observed this year, the majority – almost 82 percent – plan to celebrate by wearing green, while about one-third of those surveyed said they plan to make a special dinner at home.