Spending reaches all-time high as Mother’s Day get all the love and attention
Whether you’re showing your mom off at a brunch or dinner, or splurging on an expensive item she’s been eyeing, we know you’ll be spending a lot on your mom come May 14.
That’s because the National Retail Federation expects Mother’s Day spending to hit $23.6 billion — the highest number ever in their annual survey.
Shoppers are expected to spend more than $186 each to spoil their mothers and other loved ones, and the NRF says the majority of that money will go toward jewelry. NRF says the increase in jewelry spending is the main contributor to the uptick in Mother’s Day sales. Roughly $5 billion is expected to be spent on jewelry and more than one-third of shoppers are shelling out the cash. Among other major expected purchases:
- $4.2 billion on special outings such as dinner or brunch (56 percent)
- $2.6 billion on flowers (69 percent)
- $2.5 billion on gift cards (45 percent)
- $2.1 billion on clothing (37 percent)
- $2 billion on consumer electronics (15 percent)
- $1.9 billion on personal services such as a spa day (24 percent)
Flowers (68.5 percent) and cards (77.9 percent) were the most popular purchases, but not necessarily the most expensive ones.
“Consumers are planning to open 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 says in an NRF release. “We will see older millennials spend the most, and younger consumers are putting their online shopping skills to good use to purchase their moms the perfect gift.”
Aside from products and things, shoppers are looking for experiences to give their mothers this year. NRF says concerts or hot air balloon rides are up to 28 percent this year compared to last year’s 24 percent.
As spending increases, brick-and-mortar stores are still king. More than one-third of consumers will head to department stores as 30 percent will shop online.
Holiday spending is up across the board
Aside from the lack of monetary love this past Valentine’s Day, holiday spending is kind of hot right now. Last Halloween, shoppers spent more than $8 billion costumes, candy, and decorations. Shopping for the Oct. 31 holiday started in September.
Another round of holidays that had shoppers starting early were the December holidays, with Christmas and Hanukkah. Shopping started before Labor Day had rolled around, and many were in the thick of things by September and long before the earlier holidays, like Halloween and Thanksgiving. Some may be hesitant to admit that they are early shoppers, but almost half of Americans were getting the rounds in by Halloween. Is there such thing as too early?
The best way to shop is constantly up for debate. What day to shop, where to shop, and what places have the best deals is not only hotly contested, it’s fluid and changing. Places that have the best deals today may not have them tomorrow. Plus, how we spend on holiday shopping could be contested as well. Since credit cards are the top ways shoppers are spending over the holidays, deals can also change based on the rewards a consumer gets through credit cards.
Article last modified on May 16, 2017. Published by Debt.com, LLC .