MOTHERS’ DAY SPENDING TO REACH $23.1 BILLION

MOTHERS' DAY SPENDING TO REACH $23.1 BILLION
MOTHERS’ DAY SPENDING TO REACH $23.1 BILLION

WASHINGTON – The annual survey released by National Retail Federation and Prosper Insights & Analytics unveiled that, this year, the Mothers’ Day spending is expected to gain a near-record of $23.1 billion.  86 percent of American will celebrate this auspicious day by spending an average amount of $180 per person.
NRF President and CEO Matthew Shay gave his remarks by saying, “This year’s Mother’s Day forecast is one of the strongest we’ve ever. 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.”
This expected spending would be second highest during last fifteen years; previous year’s spending was recorded highest at $23.6 billion with average $186 per person.

Surveys about Mothers’ Day

According to the survey out of the total estimated spending, consumers plan to spend $4.6 billion on jewelry, $4.4 billion on special outings such as dinner or brunch and $2.6 billion on flowers. In addition, $2.5 billion will be spent on gift cards, $2.1 billion on clothing, $2.1 billion on consumer electronics and $1.8 billion on personal services such as a spa day. Another $956 million will be spent on housewares or gardening tools, $813 million on greeting cards and $494 million on books or music.
The survey data shows that 29 percent want to receive a “gift of experience” such as a spa day, tickets to a concert or gym membership while 26 percent of the rest plan to give such a gift. Gifts of experience are given most often by 18 to 34-year olds. i.e., 45 percent of those surveyed.
“As always, Mother’s Day remains to be a holiday close to the heart of many Americans this year,” Prosper Insights Executive Vice President of Strategy Phil Rist said. “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 their mom.”
Individuals of the age group 35 – 44 will be the highest spenders this year at an average $224. However, those between 18 – 24 will most likely use smartphones to research their purchases and compare prices.
When looking for gifts, 35 percent of consumers will shop from department stores and 31 percent will shop online, while 29 percent plan to shop at specialty stores such as florists, jewelers or electronics stores. Meanwhile, 23 percent plan to shop at a local small business, 22 percent at discount stores and 10 percent at specialty clothing stores.
The survey sample consisted of 7,520 consumers. The survey questions were mainly about the plans of these individuals for Mother’s day celebrations. It was conducted from 4th to 12th April 4-1 and it has a margin of error of plus or minus 1.2 percentage points.

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