Here's where that money is going, according to data from the National Retail Federation.
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St. Patrick's Day is a holiday dedicated to celebrating Irish heritage, and whether you do that by cooking corned beef and cabbage or decking yourself out in an all green outfit, you likely plan to spend a little bit of money this March 17. How much? A new report by the National Retail Federation reveals that 54 percent of adults in the U.S. will observe the holiday this year, and we'll collectively spend a total of $5.87 billion on apparel, decorations, food, beverages, candy, greeting cards, and gifts.

The spending report is based on data from a survey conducted from February 1 to February 8 that was fielded to nearly 8,000 consumers. Researchers found that those celebrating plan to spent an average of $42.33 on the holiday. That number is down slightly from 2020, when consumers spent $42.96 on average during St. Patrick's Day, but it's up from 2021 when people spent $40.77. That trend line is the same when you consider our spending as a nation. In 2020, total spending hit $6.16 billion and in 2021 it dropped to $5.14 billion. The number of people who plan to celebrate is also up when compared to 2021, with five percent more people planning to observe St. Patrick's Day than last year.

So, how are Americans planning to enjoy the luck of the Irish? Eighty percent of survey respondents plan to wear green, 34 percent are making a special dinner, 26 percent plan to decorate their home or office, 19 percent are going out to a restaurant for dinner, 15 percent are attending a private party, 11 percent plan to attend a parade, and 10 percent are hosting a party of their own. Most adults will spend their money on food this St. Patrick's Day (58 percent), followed by beverages (46 percent), apparel or accessories (32 percent), decorations (28 percent), candy (19 percent), greeting cards (nine percent), and gifts (six percent).

When it comes to demographics, Americans' gender, age, and region doesn't have a notable impact on spending trends. For example, 59 percent of women plan to spend a majority of their St. Patrick's Day budget on food, compared to 57 percent of men who plan to do the same. Likewise, people living in West, South, Midwest, and Northeast will spend the least amount of money on gifts this year and the most amount of money on food.

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