Mother’s Day is approaching and people are planning what to purchase to celebrate the women in their lives. But just how much money will people be spending on their moms this year?
According to the National Retail Federation’s (NRF) fourteenth annual survey, consumers are set to spend a record-breaking $23.6 billion this year, up from $21.4 billion in 2016. In the organization’s history of administering this survey via Prosper Insights & Analytics, this is the highest amount of money ever projected for this special day.
With the average spend per purchase reaching $186.39, shoppers will spend nearly $14 more this year up from $172.22 last year. The NRF’s survey broke down the areas where consumers will be spending money, which includes $26 billion on flowers (69 percent), $4.2 billion on dinner or brunch (56 percent), $5 billion on jewellery (36 percent) and $2.5 billion on gift cards (45 percent).
The research also found that the type of Mother’s Day present bought depends on the age of the daughter or son. Half of respondents under the age of 35 are more concerned with sharing an experience with their moms than buying a physical gift.
Prosper Insights & Analytics’ principal analyst, Pam Goodfellow, commented on this age differentiator. She said, “Consumers are opening up their wallets a little more to celebrate the women with the most important jobs in the world on Mother’s Day. We will see older millennials (25 to 34) spend the most, and younger consumers will put their online shopping skills to good use to purchase the perfect gift.”