Consumers are expected to splurge slightly less as they spend for Mother's Day this year. According to the National Retail Federation’s 2014 Mother’s Day Spending Survey conducted by Prosper Insights & Analytics, Americans will spend an average of $162.94 on mom this year, down from a survey high of $168.94 last year. Total spending is expected to reach $19.9 billion.
“As one of the most universally celebrated holidays, retailers will take this opportunity to attract Mother’s Day shoppers with promotions on ladies apparel items, health and beauty products, jewelry and even restaurant options,” said NRF president and CEO Matthew Shay. “Now fully into spring, retailers are hoping consumer sentiment and spending intentions continue to grow as we round out one of the busiest retail seasons of the year and prepare for summer.”
Consumers will honor tried-and-true gifts for mom:
- 81.3% will give a greeting card
- 66.6% will buy flowers
- 33.5% will buy apparel and accessory items
- $480 million will be spent on books and CDs
- $812 million will be spent on housewares or gardening tools
- $1.5 billion will be spent on personal experience gifts, such as a day at the spa
- $3.6 billion will be spent on jewelry
- $3.8 billion will be spent on special outings, such as brunch or dinner
- $2.1 billion is expected to be spent on gift cards
“Americans haven’t forgotten about the state of the economy and are treating their finances and gift-giving budgets in a way that keeps practicality top of mind,” said Prosper’s Consumer Insights director Pam Goodfellow. “But like we saw with Valentine’s Day and Easter, people this year will look for special ways to treat mom to something nice without breaking the bank, knowing it’s the thought that counts.”
Notably, 33.5% of shoppers are expected to head to specialty stores, 32.4% will shop department stores, 24% will shop discount stores and 29% will shop online. And of shoppers, 63.9% will be shopping for their mother/stepmother, 22.5% will shop for their wife, 9.2% will shop for their daughter and 6.6% will shop for their grandmother.
[Image: National Retail Federation]