After splurging on tablets and smartphones, beauty supplies, apparel and jewelry for mom last year, consumers this year will celebrate Mother’s Day keeping practicality in mind.
According to NRF’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.”
Moms work hard and they are entitled to a show of appreciation on their special day. Most consumers will acknowledge that appreciation with a greeting card (81.3%), though it appears her loved ones will also look for special gifts. Two-thirds (66.6%) of those celebrating will buy mom her favorite flowers, spending a total of $2.3 billion, and 33.5 percent will look for spring sweaters and blouses, spending a total of $1.7 billion on apparel and accessory items. Mom’s loved ones will also buy books and CDs ($480 million), housewares or gardening tools ($812 million), personal experience gifts like a day at the spa ($1.5 billion), jewelry ($3.6 billion), and special outings like brunch or dinner ($3.8 billion).
Having spent the last few years treating mom to electronic gifts like tablets, smartphones, cameras and more, Americans this year may have less of a reason to invest in those items: 13.1 percent say they will buy mom a consumer electronic item and will spend a total of $1.7 billion, down from $2.3 billion last year.
However, if mom does have her eye on something special for herself, there are still good things to come in the form of gift cards: 43.3 percent of those shopping for a gift for mom will buy her a gift card, up from 41.5 percent last year; total spending on gift cards is expected to reach $2.1 billion, up from $2.0 billion last year.
“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.”
Most shoppers will head to specialty stores to find gifts (33.5%), but others will shop at department stores (32.4%), discount stores (24%), and online (29%).
The survey found 18-24 year olds are the most likely to shop at department stores among all other age groups: more than half (51.6%) will visit a department store in search for their perfect gift for mom. But it’s 25-34 year olds who will spend the most on mom, spending an average of $216.53.
Nearly two-thirds (63.9%) of those surveyed say they will shop for their mother or stepmother, while 22.5 percent will shop for their wife, 9.2 percent will shop for their daughter and 6.6 percent will shop for their grandmother.
Source: National Retail Federation