It is considered the most widely watched sporting event of the year. The Super Bowl is expected to draw 184 million viewers when the Seattle Seahawks return after last year's win to face the New England Patriots on Feb. 1.

(Ryan McVay, ThinkStock)

The average viewer plans to spend about $77.88 on everything from food to a new television set to athletic wear and decorations, according to the National Retail Federation's Super Bowl Spending Survey. That is up from $68.27 last year. Total spending on the Super Bowl is expected to reach $14.3 billion.

"With renewed confidence in the economy and the outlook for 2015, consumers are looking forward to some good old-fashioned fun with their friends and family to celebrate the big game," said National Retail Federation President and CEO Matthew Shay in a press release Thursday. "Retailers will take full advantage of the expected traffic from avid fans by making sure they have adequately invested in décor, party food and accessories and other Super Bowl-related inventory."

According to the survey, nearly eight in 10, or 79.3 percent, of the 75.8 percent who plan to watch the game will purchase food and drinks, 10.8 percent will buy team apparel and accessories and 8.8 percent will buy new televisions. Millennials, or those between the ages of 18 and 24, plan to spend an average of $95.92. Those ages 25 to 34 and 35 to 44 will spend even more, $101.54 and $102.82 respectively.

An official game ball for NFL football's Super Bowl XLIX.The New England Patriots take on the Seattle Seahawks in the NFL championship on Sunday, Feb. 1, in Glendale, Ariz. (AP Photo/Rick Osentoski)

"When you look at the age groups, millennials may be the ones you'd think of as most looking forward to celebrating the big game, but they aren't always the ones with the budgets to celebrate the big game.  It's their slightly older counterparts that will be spending more," said Kathy Grannis, spokesperson with the National Retail Federation.

Nearly 43 million viewers who are planning to have a party are expecting a full house while one-quarter plan to attend a party elsewhere. Bars and restaurants will also be prepared because they are expecting a good turnout with more than 13 million viewers planning to go out to watch the game.

What is the most important part of the day for viewers? Nearly half, 46.8 percent, say the game itself is the most important part of the day, 41.3 percent say the commercials and hanging out with friends and family is the best part of the day. The half-time show is the main attraction for a record 11.9 percent of viewers.

People of all ages agree that the game is the most important part of the day, but the survey also found differences among certain age groups when it came to the importance of the commercials, the half-time show and seeing friends and family. One in five 18-to-24-year-olds say the most important part of the game is the commercials, the highest of any other group.  For 25-to-34-year-olds, getting together with friends and family is most important, highest among all the other age groups.

How effective are the commercials? More than three-quarters of survey respondents, 77.1 percent, say they watch Super Bowl commercials for entertainment, 20.1 percent say the commercials make them more aware of the advertiser's brand. Of those who don't have favorable opinions of the commercials, 16.6 percent say the advertisers should save their money and pass the savings along to the consumers while 9.7 percent say the commercials make the game last too long.