According to the National Retail Federation’s annual survey, consumers say they will spend more than ever on Mother’s Day this year on everything from jewelry to dining out, according to the survey conducted by Prosper Insights & Analytics.
Mother’s Day shoppers are expected to spend an average of $186.39 for the holiday, up from last year’s $172.22. With 85 percent of consumers surveyed celebrating the holiday, total spending is expected to reach $23.6 billion. That’s the highest number in the survey’s 14-year history, shattering last year’s previous record of $21.4 billion.
“With spring in full bloom, many Americans are looking forward to splurging on their mothers,” NRF President and CEO Matthew Shay said. “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, $4.2 billion on special outings such as dinner or brunch, $2.6 billion on flowers and $2.5 billion on gift cards.
The overall increase is expected to be driven largely by spending on jewelry, which is up 19 percent, and personal services, up 15 percent.
When it comes to “gifts of experience” such as tickets to a concert, 28 percent want to receive such a gift, compared with 24 percent 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,” Prosper Principal Analyst Pam Goodfellow said. “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.”