A record number of Americans plan to celebrate the Irish festival of St. Patrick’s Day on Mar 17 this year and spend as much as $6.9 billion, per National Retail Federation. This will be the highest spending on record, up $1 billion from the last year. St. Patrick's Day has also become the largest beer-drinking holiday in the United States, with Irish beers like Guinness and Smithwick’s being the most popular brands.
That being said, let’s raise a toast to the stocks from the sectors most likely to benefit from the day and try to find some hidden luck on this Irish festival. These include Diageo plc ( DEO Quick Quote DEO - Free Report) , Beyond Meat Inc. ( BYND Quick Quote BYND - Free Report) , BJ's Restaurants ( BJRI Quick Quote BJRI - Free Report) , McDonald's Corporation ( MCD Quick Quote MCD - Free Report) , and Sprouts Farmers Market Inc. ( SFM Quick Quote SFM - Free Report) . About 61% of Americans are expected to celebrate the festival this year, with average spending of $43.84. This is up from the last year record of 54% of Americans spending. Men tend to spend more than women, shelling out an average of $48.71 versus $39.15 for women. Special Attractions
About 72% of the people celebrating the day are between the age group of 18 to 34 years, followed by 38% in the age group of 35-54 years and 45% for 55 years plus age. Americans plan to celebrate the holiday in a number of ways, with 80% wearing green, 31% planning a special dinner, 15% attending private parties, and 25% attending a party at a bar or a restaurant. Additionally, 15% plan to attend a St. Patrick’s Day parade.
Further, about 48% of Americans, including children will be spending on holiday-themed food, 43% on beverages, 36% on apparels, 35% on decoration, 25% on candy, 10% on greeting cards and 9% on gifts. According to the Numerator data, more than one-third of the people celebrating St. Patrick’s Day expect to raise a glass this year. Of the total, 36% plan to purchase alcoholic beverages for the holiday, with beer being the most popular choice (70% of those planning to buy alcohol), followed by spirits (34%) and wine (29%). For those choosing beer, 50% plan to drink American lagers (Budweiser, Coors Original, Miller High Life), 31% are likely to opt for stouts (Guinness, Imperial), and the rest will choose international lagers like Corona Extra, Heineken and Red Stripe. Thus, this festival, also called St. Paddy’s Day, leads to pots of gold for bars and restaurants. Many restaurants are offering specials and turning treats green, from Krispy Kreme doughnuts to McDonald's Shamrock Shake and Oreo Shamrock McFlurry. In the United States, St. Patrick's Day is associated with the consumption of corned beef though it is not an Irish national dish. Corned beef is used as a substitute for bacon by Irish-American immigrants and many companies produce this product in various forms. Stocks to Raise a Toast to Diageo produces, markets, and sells alcoholic beverages. It offers scotch, whisky, gin, vodka, rum, ready-to-drink products, raki, liqueur, wine, tequila, Canadian whisky, American whiskey, cachaca, and brandy, as well as beer, including cider and non-alcoholic products. Diageo provides its products primarily under the Johnnie Walker, Guinness, Tanqueray, Baileys, Smirnoff, Captain Morgan, Crown Royal, Don Julio, Ciroc, Buchanan's, Casamigos, J&B, and Ketel One brands. The Diageo brand kicked off its biggest drinking campaign with the nonalcoholic product Guinness 0.0. It will distribute 50,000 free pints of zero-alcohol Guinness this weekend. Diageo gained nearly 3% ahead of the Irish festival and has an estimated earnings growth rate of 8.7% for this fiscal year (ending June 2023). The stock has a Zacks Rank #3 (Hold) and a Growth Score of A. Beyond Meat is a food company that manufactures, markets and sells plant-based meat products primarily in the United States and internationally. It sells its products under the Beyond Beef, Beyond Chicken, The Beyond Burger, Beyond Meat, Beyond Sausage, Eat What You Love and The Cookout Classic brand names. Beyond Meat has an estimated earnings growth rate of 39.6% for this year and has a Zacks Rank #2 (Buy). You can see . the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here BJ’s Restaurants owns and operates a chain of high-end casual dining restaurants in the United States. The restaurants operate as BJ’s Restaurant & Brewery /BJ’s Restaurant & Brewhouse and/ or BJ’s Pizza & Grill and or BJ’s Grill. The menu offers a wide range of dining options, including everyday lunch and dinner, special occasions and late-night business. BJ’s Restaurant is celebrating the Irish festival with handcrafted beers like Green beer, Key Lime pie jello shots & more, and delicious menu creations. BJ’s Restaurants also gained nearly 3% ahead of the Irish festival and has an estimated earnings growth rate of 270.6% for this year. The stock has a Zacks Rank #3 and a Growth Score of A. McDonald's is a leading fast-food chain that currently operates more than 39,000 restaurants in above 100 countries. It mainly operates and franchises quick-service restaurants under the McDonald’s brand. McDonald’s is offering the Shamrock Shake and Oreo Shamrock McFlurry for a limited time. McDonald's has an estimated earnings growth rate of 4.1% for this year and has a Zacks Rank #3. Sprouts Farmers is a grocery store that provides fresh, natural, and organic food products in the United States. It has turned the treats green and named them as Roasted Green Cabbage with Green Tahini Sauce, Corned Beef Galette, Vegetable Irish Stew with Cabbage, St. Patrick’s Day Potato Bites and many more. Sprouts Farmers has an estimated earnings growth rate of 5.4% for this year. It has a Zacks Rank #3 and a Momentum Score of A.