After The Bell: Merchants Enjoy St. Patrick's Day Bump

(CBS) -- Bars, restaurants and retailers are likely to find extra green in their tills this week as Americans participate nationwide in St. Patrick's Day celebrations.

The National Retail Federation estimates 125 million people plan to partake, spending more than $4.4 billion, which could serve as a much needed boost for an industry that saw consumer spending dip in each of the first two months of this year.

"St. Patrick's Day is tremendous. It's a huge percentage if you are in the bar business, you could do two months of business in a day," says Howard Davidowitz, chairman and chief executive officer at Davidowitz & Associates in New York.

He adds St. Patrick's Day spending is smaller than most holidays but is very intense in a short period and focused on restaurants and bars.

People in the Midwest, on average, are expected to shell out $39.35 each to celebrate St. Paddy's Day. Alcohol, food, decorations and green gear are expected to receive the biggest share of this year's spend.

St. Patrick's Day is most popular among 18- to 24-year-olds, but older demographics tend to be the biggest spenders.