US Mother’s Day to Deliver Highest
Spending
on jewelry to grow by 31%
Expected
to total a record $25 billion!
Mother’s
Day spending is expected to total a record $25 billion this year, up from $23.1
billion in 2018, according to the annual survey released by the National Retail
Federation. A total 84 percent of U.S. adults are expected to celebrate in
honor of their mothers and other women in their lives.
“Mother’s
Day spending has been growing consistently over the past several years, and
this year’s spending is expected to be the highest in the 16-year history of
our survey,” NRF President and CEO Matthew Shay said. “Consumers are excited to
celebrate all the moms in their lives, and retailers are ready to inspire
consumers with unique gift options.”
While
the number of people celebrating Mother’s Day is in line with last year’s 86
percent, those celebrating are expected to spend more at an average $196
compared with $180 in 2018. Consumers ages 35-44 are likely to spend the most
at an average $248, up from $224, and men are likely to spend more than women
at $237 compared with $158.
Newer
models of gift-giving including special outings and gift cards are growing, in
addition to more traditional gifts including flowers, greeting cards, and
jewelry. Increased spending on jewelry represents 31 percent of the expected
increase over last year.
According
to the survey, consumers plan to purchase the following for Mother’s Day in Gift
category, Jewellery shows 35% that shows total spending on jewellery to be
worth of $5.2 billion with an average of $40.87. Many of those celebrating
cited finding something unique (44 percent) as the most important factor when
picking out a Mother’s Day gift, followed by one that creates a special memory
(39 percent). More than 8 in 10 (81 percent) indicate they will look to
retailers for gifting inspiration.
“Mother’s
Day is about celebrating a very special person or persons in your life,”
Prosper Vice President of Strategy Phil Rist said. “Consumers today want to
make sure they’re gifting mom something that will make her feel loved. And
they’ll use all the inspiration and guidance they can get in finding that
perfect gift.”
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