Mother’s Day Spending to Reach Record $23.6B
WASHINGTON – Consumers say they will spend more than ever on Mother’s Day this year as they shower moms with everything from jewelry to special outings at favorite restaurants, according to the National Retail Federation’s annual survey conducted by Prosper Insights & Analytics.
Mother’s Day shoppers are expected to spend an average of $186.39 for the holiday, up from last year’s $172.22. With 85% of consumers surveyed celebrating the holiday, total spending is expected to reach $23.6 billion. That’s the highest number in the survey’s 14-year history, topping last year’s previous record of $21.4 billion.
According to the survey, consumers plan to spend $5 billion on jewelry (purchased by 36% of shoppers), $4.2 billion on special outings such as dinner or brunch (56%), $2.6 billion on flowers (69%), $2.5 billion on gift cards (45%), $2.1 billion on clothing (37%), $2 billion on consumer electronics (15%) and $1.9 billion on personal services such as a spa day (24%).
The overall increase is expected to be driven largely by spending on jewelry, which is up 19%, and personal services, up 15%.
When it comes to “gifts of experience” such as tickets to a concert or hot air balloon ride, 28% want to receive such a gift, compared with 24% last year. Younger consumers in particular may be looking to create a special memory, with nearly half under the age of 35 planning to give such a gift.
When searching for the perfect gift, 35% of consumers will head to department stores and 31% will shop at specialty stores such as florists, jewelers or electronics stores, while 24% plan to shop at a local small business. Meanwhile, 30% will shop online, up from 27% last year. Among smartphone owners, 34% will research gift ideas on their phones while 19% will use them to make a purchase.
The survey, which asked 7,406 consumers about their Mother’s Day plans, was conducted April 4-11 and has a margin of error of plus or minus 1.2 percentage points.
Copyright 2024 The Business Journal, Youngstown, Ohio.
