The US Commerce Department noted that February total retail sales dropped by 0.6% from the previous month and increased by 6.8% unadjusted year over year.
This year Easter falls the earliest since 1913 and retailers are hoping that the official kick-off to spring will generate more robust shopping. According to NRF’s Easter survey, consumers are expected to spend $14.44 billion on Easter food, apparel, gifts, flowers, decorations and candy.
According to the survey, discount stores will be the venue for most of the Easter traffic this year (58.8%) while department stores should see 35.6% of the shoppers.
Phil Rist, Vice President of Strategy at BIGResearch, the company which conducted the survey, noted: “Consumers who are planning big family gatherings will head to grocery stores in droves this week. Many will also purchase gifts for children, grandchildren and other loved ones while they are shopping for a seasonal outfit or decorations.”
