Consumers to Spend Record $35.7 Billion for Mother’s Day
Consumers plan to spend a total of $35.7 billion on Mother’s Day this year, nearly $4 billion more than last year’s record high of $31.7 billion, according to the annual survey released today by the National Retail Federation and Prosper Insights & Analytics. Eighty-four percent of U.S. adults are expected to celebrate the holiday.
“Mother’s Day provides Americans with an opportunity to honor important women in their lives,” NRF President and CEO Matthew Shay said. “As people make plans to celebrate this year, retailers are prepared to help shoppers find gifts of appreciation and admiration for those they want to recognize on this special day.”
Consumers plan to spend $274.02 per person, the highest in the history of the survey and up from the previous record high of $245.76 in 2022. The top spenders are those ages 35-44, who are expected to spend an average of $382.26 on Mother’s Day.
Of those celebrating Mother’s Day, most (57%) are purchasing gifts for a mother or stepmother, followed by a wife (23%) or daughter (12%).
As seen in previous years, the most popular gifts to give are flowers (74%), greeting cards (74%) and special outings such as dinner or brunch (60%). Consumers will spend a total of $7.8 billion on jewelry, $5.6 billion on special outings and $4 billion on electronics.
Expected spending is up across all gift categories, and gifts of jewelry, electronics and apparel are the primary drivers of growth this year. Not only are consumers planning to spend more on these gift categories, but more consumers are interested in gifting these items than ever before.
“While most consumers shopped online last year for the perfect Mother’s Day gift, we are seeing just as many people turn to department stores as a shopping destination this year,” Prosper Executive Vice President of Strategy Phil Rist said. “Gifts of experience continue to grow in popularity, with nearly one-third of those celebrating Mother’s Day planning to give a gift of experience.”
Still, consumers continue to prioritize thoughtful gifts. Respondents said the most important factors in purchasing a Mother’s Day gift include finding items that are unique or different (47%) or those that create a special memory (42%).
In addition to online (34%) and department stores (34%), consumers are also planning to shop at specialty stores (30%), local and small businesses (24%), and discount stores (23%). And more are looking at product subscription boxes, with 46% interested in this option, up from 39% last year.
As the leading authority and voice for the retail industry, NRF provides data on consumer behavior and spending for key periods such as holidays throughout the year.
The survey of 8,164 U.S. adult consumers was conducted April 3-11 and has a margin of error of plus or minus 1.1 percentage points.
Courtesy of www.nrf.com/media-center