Important update: Stake UK will be closing down.
Read more here
When you invest, your capital is at risk.

Share

Green

St Patrick’s Day, Ireland’s most famous holiday, is now celebrated all over the world, with billions of dollars flowing through economies.

Every year on March 17, millions of people across the globe get together to celebrate St Patrick’s Day. Originally meant to commemorate the death of the foremost patron saint of Ireland and the arrival of Christianity in the country, the day has grown to become one of the world’s biggest festive events, generating huge sums of revenue in the process.

Though it's one of the most important holidays across the Republic of Ireland and Northern Ireland, the first St Patrick’s Day parade on record actually took place in New York City in 1762. The Big Apple still holds the biggest parade, now drawing in more than 2 million people to the party. Boston, known for its Irish heritage, comes second with 1 million attendees, while Chicago brings in similar figures around its famous green-coloured river (which uses an eco-friendly vegetable dye). Dublin draws 400,000 people to its city centre parade – small in absolute terms, but no small feat for a capital of about 600,000 inhabitants.

All in all, 62% of Americans, or roughly 207 million people, participate in the festivities, so it’s no wonder the celebration has a gigantic economic impact in the country. According to a National Retail Federation report in the U.S., a record US$7.2b will be spent in 2024 by Americans on green apparel, decorations, restaurant meals and drinks.

Meals and drinks probably make up the lion’s share of that, with a Nielsen report confirming St Patrick’s Day is the highest grossing day of the year for U.S. bars and restaurants. Just on March 17, more than 13 million pints of the world’s most famous stout, Guinness, owned by Diageo ($DEO), are sold globally. Tailwinds of beer sales likely spread in the U.S. to competitors like AB InBev ($BUD), Heineken ($HEINY) and Molson Coors ($TAP).

Tourism also gets a boost, as people flock to big gatherings. Ireland alone receives hundreds of thousands of visitors every St Patrick’s week, with Ryanair’s ($RYAAY) cheap flights potentially being a major drawcard for many European tourists.

But perhaps St Patrick’s biggest impact lies not in the economic boost from commemorating him, but in the expulsion of snakes from Ireland. The story goes that St Patrick banished the reptiles from the country in the fifth century. Non-believers might say the reason why the Emerald Isle is free of snakes is geographical, and not religious, as its link to Britain was cut before the reptiles could get to its land. In any case, not having to live under the threat of snakes (consider the U.S., where venomous reptile bites cost the healthcare system about US$900m annually) is probably worth raising a glass to.


Related


Want more?

You know what to do

Insights, trends and company deep dives delivered straight to your inbox.


Stake logo


Stake is the trading name of Hellostake Limited, a company registered in England and Wales (Company no. 11676409). Hellostake Limited is authorised and regulated by the UK Financial Conduct Authority under the Firm Reference Number 830771. Registered address: 85 Great Portland Street, London, W1W 7LT, United Kingdom.

When you invest, your capital is at risk.

The value of your investments can go down as well as up and you may receive back less than your original investment. Any advice is of a general nature only. As investments carry risk, before making any investment decision, please consider if it’s right for you and seek appropriate independent taxation and legal advice. The information on our website or our mobile application is not intended to be an inducement, offer or solicitation to anyone in any jurisdiction in which Stake is not regulated or able to market its services.

At Stake, we’re focused on giving you a better investing experience but we don’t take into account your personal objectives, circumstances or financial needs. Please view our Terms & Conditions, Privacy Policy and Disclaimers before deciding to use or invest on Stake. By using the Stake website or service in any way, you agree to our Privacy Policy and Terms & Conditions. All financial products involve risk and you should ensure you understand the risks involved as certain financial products may not be suitable to everyone. Past performance of any product described on this website is not a reliable indication of future performance

Copyright © 2024 Stake. All rights reserved.