Mother’s Day spending estimated to reach record of $25 billion

by Kim Souza (ksouza@talkbusiness.net) 147 views 

With a strong economy, consumers are expected to spend big on moms this Mother’s Day for a record $25 billion, up 8.22% from the $23.1 billion reported a year ago by the National Retail Federation (NRF).

Consumers are expected to dole out an average $196.47 for moms and other special women this year. NRF said 84% of consumers plan to celebrate the event this coming weekend (May 12.)

NRF has conducted its annual Mother’s Day survey since 2003 to see how Americans will celebrate “mom” on her special day each spring. NRF CEO Matthew Shay said spending has grown consistently over the past several years and 2019 could be the highest in the 16-year survey history.

“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,” Shay added.

He said new models of gift giving include special outings and gift cards are growing in popularity along with the more traditional gifts of flowers, greeting cards and jewelry, which represent 31% of the expected increase from a year ago. Outside of greeting cards, flowers are the most popular gift planned for the holiday. Consumers (67%) expect to spend a total of $2.6 billion on flowers, an average of $20.31 per consumer. Roughly 75% of consumers will spend a total of $843 million on greeting cards for moms and other favorite females this year.

As more consumers (55%) plan to give mom a special outing, the spending is expected to average $36.41 for a total of $4.6 billion. This compares to $4.4 billion spent on outings for mom last year. Many of the respondents (40%) plan to create a special memory for their loved one with a purchase this year.

Also high on the list for consumers are gift cards because of the simplicity of purchase and appreciated response from the recipients. NRF found 35% plan to purchase gift cards or gift certificates for a total spend of $2.6 billion, or an average of $20.65, up from $2.5  billion spent on gift cards in 2018.

More than 8 in 10 (81%) will look to retailers for gifting inspiration. Clothing and accessories are popular with 38% of the respondents said they will spend on average $18.07 for a total of $2.3 billion – on par with a year ago. The jewelry category also benefits big from this holiday as 35% plan to spend a total $5.2 billion on jewelry, compared to $4.5 billion last year.

Other popular categories shopped ahead of Mother’s Day include consumer electronics as 15% plan to spend a total of $2.2 billion this year, up from $2 billion a year ago. Books and music sales will pull in $544 million this year as 20% of consumers plan to make a purchase in this category.

“Mother’s Day is about celebrating a very special person or persons in your life,” said Prosper Vice President of Strategy Phil Rist. “Consumers today want to make sure they’re gifting mom something that will make her feel loved.”

Mother’s Day remains the second largest holiday for consumer spending behind Christmas, according to the NRF. Following are the U.S. retail spending numbers on celebrated events (June 2018 to May 2019).
1. Christmas Holiday -$721 billion or over $1,007 per person
2. Mother’s Day – $23.1 billion or $180 per person
3. Valentine’s Day -$20.7 billion or $161.96 per person
4. Father’s Day – $15.5 billion or $134.75 per person
5. Halloween – $9 billion or $86.79 per person
6. Independence Day – $6.9 billion or $75.35 per person
7. St. Patrick’s Day – $5.9 billion or $39.65 per person.
Source: National Retail Federation

FAST FACTS
• More telephone calls are made on Mother’s Day than any other day of the year at an estimated 122 million phone calls.
• One in four U.S. mothers is raising a child on her own.
• Millennial moms number about 16.3 million in the U.S.
• About one-third of Mother’s Day gifts will be purchased online this year.

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