In the latest sign that retail spending is making a comeback, Americans are expected to loosen their purse strings this weekend as they get ready to watch one of the biggest sporting events in the country.
With nearly 35 million people expected to throw a Super Bowl party and 171 million expected to watch the sporting event, consumers will spend more than $10 billion getting ready for the big game, the Retail Advertising and Marketing Association projects. Beverages and food will take the biggest chunk of consumer's Super Bowl budgets (nearly 70 percent), but shoppers will also spend on decorations, and furniture and entertainment.
In fact, 7.3 percent of shoppers' budgets will go to Pittsburgh Steelers and Green Bay Packers apparel and accessories, 6 percent to decorations and 2 percent to new furniture and entertainment centers, RAMA reports. And at least 4.5 million shoppers will take advantage of sales and promotions to buy a new TV. That number is up from 3.6 million in 2010 and 2.7 million in 2009.
"Getting friends and family together for a party is a great way to watch the Super Bowl, and with all the planning and preparation that goes into throwing a good party, retailers have cause for celebration, too," says Mike Gatti, executive director of RAMA. "Consumers hoping to wow their friends and family with a new HDTV should act fast as this is one of the most popular times of the year to buy new televisions."
The average person will spend $59.33 on Super Bowl festivities, up from $52.63 in 2010.
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Auctiva staff writers constantly monitor trends and best practices of those selling on eBay and elsewhere online. They attend relevant training seminars and trade shows and regularly discuss the market with PowerSellers and other market experts.