Sunday, May 19, 2024

Mother’s Day Jewelry Spending Expected to Reach $7 Billion, Reports NRF

Washington— Anticipated spending for Mother’s Day is poised to slightly decrease this year compared to the record-breaking highs observed in the previous year.


According to the annual survey conducted by the National Retail Federation (NRF) and Prosper Insights and Analytics, consumers are projected to spend $33.5 billion, a slight decrease from last year’s $35.7 billion, marking the second-highest expenditure in the survey’s history.


Matthew Shay, President, and CEO of NRF remarked, “Mother’s Day is a cherished occasion to honor the women who hold significant roles in our lives. Retailers recognize the profound significance of this day and are well-prepared to assist their customers in selecting meaningful gifts to express appreciation for their loved ones.”

The survey indicates that the vast majority of U.S. adults (84 percent) plan to celebrate Mother’s Day, intending to allocate an average of $254.04 for gifts and festivities. This marks the second-highest per-person spending, trailing behind last year’s record of $274.02 per person.

The demographic anticipated to be the most lavish spenders are individuals aged between 35 and 44, who plan to allocate an average of $345.75 for this purpose.

Among those surveyed, 59 percent of celebrants intend to shop for a mother or stepmother, followed by a wife (22 percent), and a daughter (12 percent).

Flowers and greeting cards are neck and neck for the top gift choice, with 74 percent of respondents selecting either option, followed closely by special outings such as dinner or brunch (59 percent).

Jewelry gifts claim the top spot in terms of spending, with consumers expected to collectively spend $7 billion on jewelry, slightly lower than last year’s $7.8 billion. This is followed by expenditures on special outings ($5.9 billion), electronics ($3.5 billion), flowers ($3.2 billion), and greeting cards ($1.1 billion).

NRF emphasized that thoughtful gifts remain a priority for Mother’s Day shoppers, with more individuals expressing a desire for unique or memorable gifts (48 percent) compared to the previous year.

Prosper’s Executive Vice President of Strategy, Phil Rist, noted, “Despite the enduring appeal of traditional Mother’s Day gifts like flowers and greeting cards, nearly a third of consumers plan to opt for experiential gifts this year. Additionally, consumers are willing to allocate more funds towards special outings than in previous years.”

The most preferred shopping destinations for Mother’s Day gifts are online retailers (35 percent), followed by department stores (32 percent), specialty stores (29 percent), and local or small businesses (25 percent).

The survey, conducted from April 1 to 8, gathered responses from 8,213 adult consumers in the United States.


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