Mother’s Day Spending to Reach $23.1 Billion
Mother’s Day spending is expected to total a near-record $23.1 billion this year, according to the annual survey released by the National Retail Federation (NRF) and Prosper Insights & Analytics. Eighty-six percent of Americans plan to celebrate Mother’s Day, and they will spend an average of $180 per person. “This year’s Mother’s Day forecast is one of the strongest we’ve ever seen,” NRF President and CEO Matthew Shay said. “With spring in full bloom, Americans are looking forward to splurging on their mothers, and retailers are prepared to offer a variety of options that will allow consumers to find the perfect gift for the occasion." The total spending on the holiday would be second only to last year’s $23.6 billion, the highest in the 15-year history of the survey at an average of $186 per person.
Total Retail's Take: Mother's Day has often been considered a Hallmark holiday, or "hidden holiday" in retail. With this year's spending estimated to reach $23.1 billion, I'd say that perception is changing. According to the NRF's survey, consumers plan to spend $4.6 billion on jewelry (purchased by 34 percent of shoppers), $4.4 billion on special outings such as dinner or brunch (55 percent), and $2.6 billion on flowers (69 percent). In addition, $2.5 billion will be spent on gift cards (45 percent), $2.1 billion on clothing (36 percent), $2.1 billion on consumer electronics (14 percent) and $1.8 billion on personal services such as a spa day (24 percent). Another $956 million will be spent on housewares or gardening tools (19 percent), $813 million on greeting cards (77 percent), and $494 million on books or music (19 percent). It will be interesting to see not only what consumers buy for moms, but how they make those purchases.
"Those between 35 and 44 years old are planning to spend the most this season, while younger consumers are the most likely to put their online shopping skills to good use to find inspiration for the perfect gift for mom," Prosper Insights Executive Vice President of Strategy Phil Rist said.
