In case you haven’t noticed the lack of eggs in your grocer’s dairy section lately or the sudden appearance of brightly-colored marshmallow Peeps at every checkout lane, Easter weekend is upon us.
According to a survey by WalletHub, more than 80 percent of Americans are expected to observe Easter in some way this weekend — after all, Easter comes in first as the most popular church day of the year — and you won’t believe how much we’re expected to spend.
The personal finance website found that the average person spends $152 per person totaling more than a whopping $18.36 billion in total Easter-related spending for the year. Of that number, more than $2 billion will be spent on candy, $3 billion on gifts, and close to $6 billion on food.
Not to mention assorted costs for celebratory clothing like themed pajamas, bunny ears, and formal church attire or household decorations, greeting cards, and other incidentals.
A carton of eggs might be the least expensive of the lot coming in at an average price of $1.50 per dozen, but good luck finding them in stock as almost half of Americans plan to paint eggs this year.
Consumers looking to decrease their stake in the $18 billion industry can save some cash if they are savvy enough according to Kelli Hollinger, director of the Center for Retailing Studies in the Mays Business School at Texas A&M University.
First, Hollinger recommends setting a firm limit on holiday spending and sticking to it. Next, consumers should place value on the aspects of the holiday that hold the most value to them.
“Value is in the eye of the beholder,” she said. “While some families splurge on a dinner out or large gathering at home, others may prioritize new outfits for the kids’ annual picture with the Easter Bunny. Neither is a financial waste if it brings spending joy to the consumer.”
Moreover, Hollinger suggests parents assemble Easter baskets themselves, curating a collection of goodies customized to their child’s unique interests instead of buying overpriced baskets with candy their child may never eat.
For more fun Easter facts and money-saving tips from experts, visit WalletHub online.