Report: St. Patty's Day to hold big rewards

If you were thinking about holding off on St. Patrick's day ad campaigns, discounts and other specials think again. According ot a report from the National Retail Foundation, St. Patrick's Day celebrations could bring in more than $3 billion in 2007.

by Kristina Knight

“With St. Patrick’s Day falling on a Saturday this year, Americans will be in the mood to celebrate,” said NRF President and CEO Tracy Mullin in a prepared statement. “In addition to traditional retailers, St. Patrick’s Day will provide a great opportunity for restaurants and bars to see sales increases.”

Young adults will likely spend the most when they celebrate the Irish this year. According to the NRF study, the average 18-24 year old will spend at least $40. Older demographics like the 25-34 year old group will spend slightly less at $39 and the 35-44 age group will spend still less at only about $36 for the day. On average in 2006, only $27 was spent per person on retail, food and drink items.

However, if marketers want to take advantage of the celebratory feel, they need to know what consumers are looking for. According to the report, 30% plan to spend their time partying at a restaurant or bar with friends. 17% will attend a private party. The largest percentages, however, will celebrate by decorating. Home and office decorating will account for about 22% of the St. Patrick's day retail spend. Green clothing (82%) will also account for a healthy chunk of money spent for Saturday's celebrations.