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Consumers plan to spend $4.6 billion on jewelry-related items this Mother's Day, making it the most popular gift-giving category, according to an annual survey released by the National Retail Federation (NRF). More than a third (34%) of respondents said they will be buying jewelry for their moms this year.
Interestingly, the $4.6 billion that will be spent on Mother's Day jewelry in 2018 is nearly identical to the $4.7 billion spent on Valentine's Day jewelry back in February. Valentine's Day gift-givers spent more on jewelry-related items than any other category.
Mother's Day spending in all categories is estimated to reach $23.1 billion in 2018, with the average budget reported to be $180 per person. Both numbers are the second-highest tallies in the 15-year history of the survey, which was conducted for NRF by Prosper Insights & Analytics. Mother's Day 2017 still holds the record at $23.6 billion in total purchases, with an average individual outlay of $186.
“Mother’s Day continues to be a holiday close to the heart of many Americans and this year is no different,” said Prosper Insights Executive Vice President of Strategy Phil Rist. “Those between 35 and 44 years old are planning to spend the most this season, while younger consumers are the most likely to put their online shopping skills to good use to find inspiration for the perfect gift for mom.”
The survey, found that individuals ages 35 to 44 will spend an average of $224, the highest of any age group, and 62% of respondents between 18 and 24 will use smartphones to research their purchases and compare prices.
While jewelry certainly has the biggest “wow” factor of all Mother’s Day gifts, special outings, flowers, gift cards, apparel, electronics and personal services are all expected to be multibillion-dollar categories.
According to NRF's Mother's Day survey, $4.4 billion will be spent on special outings, such as dinner or brunch. More than half (55%) of consumers said treating Mom to a special meal would be their gift of choice. NRF estimated that $2.6 billion will be spent on flowers (to be gifted by 69 percent), $2.5 billion on gift cards (45%), $2.1 billion on clothing (36%), $2.1 billion on consumer electronics (14%) and $1.8 billion on personal services, such as a spa day (24%). Another $956 million will be spent on housewares or gardening tools (19%), $813 million on greeting cards (77%) and $494 million on books or music (19%).
The survey, which asked 7,520 consumers about their Mother’s Day plans, was conducted by Prosper Insights & Analytics from April 4 to 12 and has a margin of error of plus or minus 1.2 percentage points.
Credit: Image by Bigstockphoto.com.