Retailers and restaurants might fare better for today's St. Patrick's Day as consumers gear up to celebrate the Irish holiday. According to the National Retail Federation's 2010 St. Patrick's Day report, conducted by BIGresearch, celebrants were to spend an average of $33.05 on decorations, party favors and green attire, up slightly from $32.80 last year. Total spending is expected to reach $3.44 billion.

"With many people still worried about the economy, St. Patrick's Day is a great opportunity for consumers to have a little fun," said Tracy Mullin, NRF president and CEO. "Retailers as well as restaurants should see an increase in traffic this year as people begin to shake off their winter blues and celebrate this traditionally festive holiday with friends and family."

Of those planning on celebrating, eight out of 10 (80.8%) will simply put on their brightest green tie or sweater, but nearly three out of 10 (29.6%) will attend a party at a bar or restaurant. Another third will stay at home and cook a traditional meal (33.3%). However, it seems the real interest this year is in heading to a private party (18.9%) or decorating a home or office (23.3%).

"With limited budgets for their discretionary expenditures, partygoers will look for inexpensive ways to celebrate St. Patrick's Day this year," said Phil Rist, executive vice president, strategic initiatives, BIGresearch, which polled 8,560 consumers.

Having cut back on holiday festivities last year due to a weak economy, young adults seem to be back in the swing of things this year with the average 18- to 24-year-old expected to spend $40.18.

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