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Apparently, Mother’s Day is the holiday that keeps on giving and giving and giving.
With Mother’s Day knocking at the door, Americans are digging deep to celebrate the special ladies.
In fact, Mother’s Day spending this year is projected to reach $31.7 billion, up $3.6 billion from record spending in 2021, based on the annual consumer survey by the National Retail Federation (NRF) and Prosper Insights & Analytics.
Shoppers intend to shell out $25 more this year on Mother’s Day and are projected to spend a record average of just over $245. About 84% of U.S. adults are anticipated to observe Mother’s Day.
“Consumers are eager to find memorable ways to honor their mothers and other important women in their lives and are willing to spend a little extra on this sentimental holiday,” said NRF President and CEO Matthew Shay.
People buying jewelry and spoiling moms with special outings like dinner or brunch are expected to reach banner average spending this year in both categories.
“Jewelry remains a timeless gift selection for Mother’s Day and continues to capture an increasing market share,” stated Prosper Vice President of Strategy Phil Rist.
“Forty-one percent of consumers are planning to gift jewelry this year, up from 34% in 2021 and total spending on jewelry is expected to reach $7 billion.”
Inflation is not the sole reason why prices for gifts this year like jewelry and flowers have risen, but also “by more consumers participating in different parts of the holidays and really looking to splurge on their moms,” Katherine Cullen, a senior director of industry and consumer rights at NRF,” told CBS Philly.
Shoppers this year plan to honor mothers more with so-called “gifts of experience,” like buying them tickets for concerts or sporting events. As such, those purchases are perhaps a shift from wrapped gifts. That spending is expected to reach the highest level since NRF started monitoring this category in 2016.
Interestingly, a key finding this year is consumers wanting to give purposeful Mother Day gifts is a top preference for many. Some 46% reported they want to find a gift that is “unique or different” and 41% want to offer presents that produce a “special memory.”
Around 30% of shoppers plan to shop at department stores, 27% at specialty stores, and 23% at local small businesses.
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