With its increasing popularity and media attention, St. Patrick’s day has become a financial boon for businesses across the country. As an estimated 127 million Americans are expected to spend $4.6 billion this March 17, many businesses are gearing up to capitalize on this fun holiday to increase their sales volumes.
Over the past few years, St. Patrick’s day has become a tremendous day not only for restaurants and bars, but also retailers and small businesses that know how to take advantage of the potential windfall this increasingly popular holiday offers.
This celebration of Irish culture has become a a multi-billion dollar bonanza for businesses across the country.
Businesses across the country, especially shops and restaurants that are located in areas where special St. Patrick’s Day events are centered, thrive on this day and many find their sales volume increase substantially on and around this special day.
How Much Do Consumers Spend on St. Patrick’s Day?
American consumers of all ages will be taking part in St. Patrick’s day festivities this year. And while spending on the Irish holiday might seem small in comparison with other consumer holidays such as Christmas or Mother’s Day, millions will hit the stores to buy their favorite green goods.
|ST. PATRICK’S DAY BY THE NUMBERS|
The chart below showcases the historical trend in total St Patrick’s day spending in the United States since 2005. You will see that spending on the green holiday has been on the up and up (more than double in 10 years) growing from less than $2 billion in 2005 to $4.6 billion in 2015.
Read more: St Patrick’s Day Trends & Statistics
Even though St. Patrick’s day spending has seen a notable uptick over the last 10 years; its nature as a non-gift giving holiday makes its bill smaller compared to other major holidays that generate substantial revenues for retailers like Valentines Day ($18.9 billion) and Mother’s Day ($19.9 billion). Having said that, it still presents an opportunity for small businesses to lure consumers their way and boost their revenues in what is typically one of the slower months of the year in terms of consumer spending.
What Do Consumers Buy on St. Patrick’s Day?
One of the most important things for businesses is to cater to the trends of consumer demand. Understanding your demographic and knowing who your target audience is and what they are likely to do on St. Patrick’s day can make a real difference in whether your business has a lucky day or not.
As you can see, Businesses that plan ahead and carry an assortment of merchandise in Green will stand to reap profits. Wearing green remains the most popular way to celebrate, and about 105 million Americans, representing the overwhelming majority of those who will take part in St. Paddy’s festivities this year, will don green apparel to avoid the traditional pinches that come to those who neglect to dress the part.
For restaurants, St. Patrick’s day is usually a very busy time with food, drink and music being the heart of most celebrations. In fact, 37 million Americans plan to celebrate at a bar or restaurant this year, while another 38 million will be having an authentic Irish meal of corned beef and cabbage to commemorate the holiday.
So with that in mind, use this knowledge to your advantage so you know what items you need to stock up on and make more money without permanently changing your business model.
How to Benefit from St. Patrick’s Day?
Given its nature as a fun and festive holiday, St. Patrick’s Day is a big marketing opportunity that offers your business a creative reason to reach out and interact with your customers. Regardless of what segment your business serves, your need to put your best foot forward and give your customers a reason why they need to pay attention to you and your products. The goal is to boost traffic and bring new people in to your business, strengthen relationships with existing clients and ultimately, stimulate sales.
To help you get started, here are 4 proven ways to boost your revenues and engage your customers this St. Patrick’s Day:
♣ Run a St. Patrick’s Day Special Promotion
Every holiday deserves some special promotions and St. Patrick’s day is certainly no exception. Everyone likes to save a bit of green, so running a “Luck o’ the Irish” special discount or add-on offer will give potential customers a real motivation to come in and gives you a unique chance to interact with them differently.
♣ Show Your Green Spirit With a St. Paddy’s Theme
Using green colors and the “Luck o’ the Irish” theme is the simplest way to align your business, service or product with the fun spirit of the holiday. You can also set the proper tone and turn St. Patrick’s day into a profitable day by incorporating symbols or imagery such as shamrocks, leprechauns or a pot of gold into your products or marketing material.
♣ Hold St. Patrick’s Day Contests
“Luck” is a big theme for Patrick’s Day, and the term “the luck of the Irish” will be heard throughout the day. To capitalize on this and drive traffic to your store you can run a St. Patrick Day “Luck o’ The Irish” contest, where revelers can try their luck at winning one of the items you sell or a gift certificate.
♣ Leverage The Power of Social Media
Piggyback on the holiday spirit to capture the attention of their audience by tapping into the buzz this fun holiday generates. Posting useful and fun holiday-themed content has a better chance of going viral since it relates to a topic that users are already thinking about. The buzz it creates can ultimately get new customers to visit your store and boost your sales.