Mother's Day spending expected to reach record $23.6 billion in 2017
Mother’s Day is always a big time for retailers, and this year may prove to be an even bigger boon than usual. According to the annual survey from the National Retail Federation, 2017’s revenues are expected to be the highest in the survey’s 14-year history.
According to the survey, which is conducted by Prosper Insights & Analytics, this year’s shoppers are expected to spend an average of $186.39 for Mother’s Day, compared to last year’s average of $172.22. That makes for a total of $23.6 billion spent on the holiday this year, a record high for the survey.
Much of the money spent on Mother’s Day will go towards jewelry, which is up 19 percent this year. However many younger shoppers are more interested in purchasing special “experiences” rather than luxury gifts. Younger consumers are also doing more of their shopping online as opposed to in department stores or local businesses. According to the survey, 30 percent will shop online, up 3 percent from last year.
“We will see older Millennials (25-34) spend the most, and younger consumers are putting their online shopping skills to good use to purchase their moms the perfect gift,” Prosper Principal Analyst Pam Goodfellow said.
While jewelry commands the highest spending of any sector, with a total of $5 billion in sales, a majority of consumers spent money on greeting cards, some 77.9 percent according to the survey. Nearly 69 percent purchased flowers, and more than 50 percent spent money on special outings such as dinner or brunch at a restaurant.
The survey polled 7,406 U.S. consumers about their Mother’s Day spending habits, and was conducted by the NRF and Proper Insights & Analytics from April 4 o April 11.
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