Even as the Conference Board of the US, which conducts a monthly Consumer Confidence Survey® reported that its Consumer Confidence Index® rose sharply in March and is now at its highest levels since the start of the new millennium, the NRF has said that its Annual Survey has predicted that consumer spending over the Easter festival is expected to rise to a new all time high in the survey’s 14-year history.

The Consumer Board said that its Index now stands at 125.6 (1985=100), up from 116.1 in February and that the Present Situation Index rose from 134.4 to 143.1 and the Expectations Index increased from 103.9 last month to 113.8.

Lynn Franco, Director of Economic Indicators at The Conference Board, said, “Consumers’ assessment of current business and labor market conditions improved considerably. Consumers also expressed much greater optimism regarding the short-term outlook for business, jobs and personal income prospects. Thus, consumers feel current economic conditions have improved over the recent period, and their renewed optimism suggests the possibility of some upside to the prospects for economic growth in the coming months.” 

The NRF data revealed that spending for Easter is expected to reach $18.4 billion, up 6 percent over last year’s record $17.3 billion. It said that those celebrating plan to spend an average of $152 per person, up 4 percent from last year’s previous record of $146. NRF said that as Easter is being celebrated almost three weeks later than in 2016, the longer period for shopping and the improved weather conditions would help boost spending.

NRF President and CEO Matthew Shay also said, “With the economy improving, consumers are ready to shop and retailers are ready to offer great deals whether they’re buying Easter baskets or garden tools.”

The Conference Board Survey is conducted by Nielsen, while the NRF Survey is conducted by Prosper Insights & Analytics.