Whether you’ll be spending Easter with your family or hunting for eggs, this year’s holiday spending is expected to reach a new high.
According to a survey conducted by the National Retail Federation with data from Prosper Insights and Analytics, consumers are projected to spend $24 billion, up from about $21 billion last year.
The presumed total also wipes out the previous record high of just under $22 billion spent in 2020.
On average, about 81% of people will spend somewhere around $200 during the Holy Week on candy, decorations, holiday outfits, food and gifts.
Some of the most popular activities this year include cooking a family meal, visiting family and friends, going to church services, as well as the traditional Easter egg hunts. About 63% of shoppers say tradition is their reason for spending more money, while another 31% are picking up Easter items from retailers because the holiday is a social activity with friends and family.
While most of the numbers are up, there are still some concerns. Inflation rates are expected to impact spending for some people.
According to WalletHub, 44% of Americans don’t feel confident about their finances heading into spring, and another 28% plan to donate less to their church this year.
Another 39% are playing it smart by setting a spending budget that fits their bank account.