Consumers are planning to spend a little bit more on mom this year.
Mother’s Day is the second largest consumer spending holiday – behind Christmas and Hanukah – and this year will be no exception. The average person will spend $126 to make mom feel special, up slightly from $123 last year. Total spending is expected to reach $14.6 billion – giving a much-needed boost to winter-weary retailers.
The money will be spent at restaurants or on clothing, jewelry and flowers. Nearly two-thirds will buy flowers, total $1.9 billion. An additional 51.8 percent will treat mom to brunch or dinner, spending about $2.9 billion.
“Even with slight improvements in the economy, consumers are still looking for unique, sentimental and inexpensive ways to show mom that she is important,” said Tracy Mullin, President and CEO, NRF. “Retailers and restaurants will have an array of gift options for people to choose from, ranging from small flower bouquets to brunch and dinner promotions for the entire family to enjoy.”
Marking a noticeable shift in where people will buy Mother’s Day gifts this year, one-third will head to department stores, compared to 27.2 percent last year. Specialty stores such as florists or jewelers will see the most traffic, however. Others will shop at a discount store or online.
“For some, mom is the glue that holds the family together,” said Phil Rist, Executive Vice President, Strategic Initiatives, BIGresearch. “After a few years of cutting back on their discretionary spending, consumers will open up their wallets a little bit more to celebrate the woman with the most important job in the world.”
Men will spend much more than women on Mother’s Day, shelling out an average of $154.74, compared to women who will spend an average of $100.46. Adults 25-34 years old will spend the most with the average person expected to spend $156.84; young adults will spend only slightly less at $155.52 average per person.