Advertisement
04/24/2017

NRF: Mother’s Day spending to reach record-high

Image

Whether treating mom to jewelry or a special outing at her favorite restaurant, consumers plan to spend more than ever on Mother’s Day.



Specifically, Mother’s Day shoppers are expected to spend an average of $186.39 for the holiday, up from last year’s $172.22, according to the National Retail Federation’s annual survey, which tapped 7,406 consumers about their Mother’s Day plans. The study was conducted by Prosper Insights & Analytics.



With 85% of consumers planning to celebrate 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.



“With spring in full bloom, many Americans are looking forward to splurging on their mothers,” said NRF’s president and CEO Matthew Shay. “Retailers will be ready with a wide range of gift options and a variety of promotions for their customers.”



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, 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.



“Consumers are opening up their wallets a little bit more to celebrate the women with the most important jobs in the world on Mother’s Day,” said Prosper principal analyst Pam Goodfellow. “We will see older Millennials (25-34) spend the most, and younger consumers will put their online shopping skills to good use to purchase the perfect gift.”



When searching for that perfect gift, 35% of consumers will head to department stores, 3% will shop at specialty stores such as florists, jewelers or electronics stores, and 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 study said.