St. Paddy's Day Doldrums

March 17, 2009— -- Another sign that the country is in a recession: Many Americans are cutting back on St. Patrick's Day celebrations.

As the nation enters the 15th month of the economic downturn, people would sooner save some cash than shell out money to celebrate the Irish holiday, according to a new survey from the National Retail Foundation.

"The recession is definitely a consideration now," said Jacquie Chamberlain of Washington, D.C., who will spend the holiday hanging out at home with friends. "I like money better in my pocket than spending it all on drinks."

The foundation's survey echoes that sentiment, revealing that young adults, ages 18-24, will spend about 14 percent less this year than last.

Whereas the age group spent an average of $42.20 per person on the holiday last year, the survey expects young adults to spend an average of $36.05 this year.

The next older age group, 25-34, will spend the most money on the holiday, the survey concluded, spending an average of $39.42 per person.

"Increased concern about the economy among young adults has forced many of them to pull back on discretionary spending," National Retail Foundation president and CEO Tracy Mullin said in a statement.

The drop in St. Patrick's Day spending could deal yet another blow to an already battered economy. The Irish holiday is a big-money celebration, with total spending at $3.29 billion.

This year, people looking to save cash and cut back on spending are finding cheaper ways to celebrate than shelling out money for pints of stout beer.

"Eat a green bagel," said Catherine Goldman of Washington, D.C., who also celebrates her birthday on St. Patrick's Day.

Like Chamberlain, Goldman said she won't be spending big bucks on the day's festivities. Indeed, her way of celebrating the holiday is the least expensive of all the options.

"I'm wearing my green coat," she said.

According to the foundation's survey, 82 percent of people choose this approach to celebrating the holiday, including President Obama -- or is it O'Bama? -- who donned a green tie today as he welcomed the Taoiseach of Ireland to Washington.