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Consumers to Spend $5 Billion on Jewelry This Mother’s Day
Total spending for the holiday is expected to reach a record high this year due to an increase in jewelry and personal services as gifts, according to an NRF survey.
Consumers are expected to spend 19 percent more on jewelry this Mother’s Day, according to the National Retail Federation. Pictured here is Monica Rich Kosann’s “I love you more” 18-karat gold petite poesy bracelet ($995).
Washington, D.C.--Consumers are expected to spend more than ever on mom this year, and jewelry will play a big part of that, according to the National Retail Federation.
The NRF and Prosper Insights & Analytics recently conducted their annual survey about the holiday from April 4 to 11, asking 7,406 consumers about their Mother’s Day gifting plans.
Total spending for the holiday this year is expected to reach $23.6 billion, the highest number in the survey’s 14-year history and topping last year’s record of $21.4 billion.
The increase is expected to be driven largely by an uptick in spending on jewelry, the NRF said, which is up 19 percent to a predicted $5 billion.
This is followed by special outings like dinner or brunch at $4.2 billion, $2.6 billion on flowers, $2.5 billion on gift cards, $2.1 billion on clothing, $2 billion on consumer electronics and $1.9 billion on personal services like a spa day.
Consumers are expected to spend an average of $186.39 for the holiday, up from last year’s $172.22.
When it comes to shopping for their Mother’s day gifts, 35 percent of consumers will head to department stores and 31 percent will shop at specialty stores like florists, jewelers or electronics stores, while 24 percent plan to shop at a local small business.
Meanwhile, 30 percent will shop online, which is up from 27 percent last year.
Among smartphone owners, 34 percent will research gift ideas on their phones, with 19 percent using their phones to purchase.
“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 … spend the most, and younger consumers will put their online shopping skills to good use to purchase the perfect gift.”
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