May 9th 2024.
As we approach Mother's Day, it's no surprise that Americans are getting ready to spend big in order to make the day extra special. In fact, according to the National Retail Federation's annual consumer survey, the expected total spending on Mother's Day gifts and celebrations is a whopping $33.5 billion. This would make it the second-highest spending year for the holiday, just behind last year's record-breaking $35.7 billion. With an average of $254.04 per person, it's clear that Mother's Day is an important occasion for many.
It seems that those in the 35-44 age range will be the biggest spenders this year, with an average budget of $345.75 to honor the important women in their lives. Matthew Shay, the President and CEO of the NRF, recognizes the significance of Mother's Day and how retailers are eager to help customers find the perfect gifts to show their appreciation. As he puts it, "Mother's Day is a time to celebrate the women who play a meaningful role in our lives."
According to a news release, the most popular gifts to give this year are expected to be flowers, greeting cards, and special outings like dinners or brunches. However, there's still a lot of variety in what people plan to spend their money on. Jewelry, special outings, and electronics are all expected to garner billions in spending. And let's not forget about the classics - flowers and greeting cards are still highly sought-after gifts, with projected spending of $3.2 billion and $1.1 billion respectively.
But it's not just about the material gifts - thoughtfulness is also key for many Mother's Day shoppers. This year, there seems to be a focus on finding unique or personalized gifts that will create special memories for loved ones. In fact, nearly 60% of those celebrating the holiday are shopping specifically for a mother or stepmother, followed by a wife or daughter.
While many shoppers will turn to online retailers to find the perfect gift, department stores, specialty stores, and local businesses are also popular destinations. And it's not just about the gifts themselves - more and more people are opting to give the gift of experience, whether it's a spa day, cooking class, or concert tickets.
It's clear that Americans are willing to go above and beyond to make Mother's Day a memorable and meaningful event. So this year, let's take the time to honor the special women in our lives and show them our love and appreciation in whatever way we can.
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[Generative AI is experimental.]
