U.S. consumers are spending billions of dollars more this year than last year for Mother’s Day
Leading up to Mother’s Day 2023, the National Retail Federation (NRF) reported on their annual survey that showed consumers were planning to spend a total of $35.7 billion on Mom’s Day this year, nearly $4 billion more than last year’s record high of $31.7 billion. The survey was released by the NRF and Prosper Insights & Analytics which showed that eighty-four percent of U.S. adults are expected to celebrate the holiday this year.
“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.
“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%).
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. The NRF provides data on consumer behavior and spending for key periods such as holidays throughout the year.
Happy Mother’s Day from Ace News Today!
(Source: NRF)
(”Happy Mother’s Day” cover photo, Image credit: YouTube)
Posted by Richard Webster, Ace News Today / Follow Richard on Facebook, Twitter & Instagram
