$7 Billion Forecast for 2024 Mother’s Day Jewelry Sales
Mother’s Day spending is expected to reach $33.5 billion this year, according to the annual consumer survey released today by the National Retail Federation and Prosper Insights & Analytics. The figure is the second highest in the history of the survey, following last year’s record $35.7 billion.
“Mother’s Day is a time to celebrate the women who play a meaningful role in our lives,” NRF President and CEO Matthew Shay said. “Retailers know the significant importance of this day and are ready to help their customers with a wide selection of meaningful gifts for loved ones to show their appreciation.”
Eighty-four percent of U.S. adults are expected to celebrate the holiday. On average, those celebrating plan to spend $254.04 on Mother’s Day gifts and celebrations, the second highest per-person figure, following last year’s record $274.02 per person. The biggest spenders are expected to be those between the ages of 35 and 44, who are budgeting $345.75 on average for the holiday.
Most (59%) of those celebrating the holiday are shopping specifically for a mother or stepmother, followed by a wife (22%) or daughter (12%).
As with previous years, the most popular gifts to give are flowers (74%), greeting cards (74%) and special outings such as dinner or brunch (59%).
Consumers will spend a total of $7 billion on jewelry, $5.9 billion on special outings and $3.5 billion on electronics. Additionally, total spending on flowers is expected to reach $3.2 billion, while total spending on greeting cards is expected to reach $1.1 billion this year.
Gifts that are thoughtful in nature remain a priority for Mother’s Day shoppers. More say they will focus on finding items that are unique or different (48%) or create a special memory (43%) than in years past.
“Even though consumers continue to gravitate toward classic Mother’s Day gifts like flowers and greeting cards, almost one-third plan to give a gift of experience this year,” Prosper Executive Vice President of Strategy Phil Rist said. “Consumers also plan to spend more on special outings than they have in the past.”
This year, online (35%) remains the most popular shopping destination, followed by department stores (32%), specialty stores (29%) and local or small businesses (25%).
As the leading authority and voice for the retail industry, NRF provides data on consumer behavior and spending for key periods such as holidays throughout the year.
The survey of 8,213 U.S. adult consumers was conducted April 1-8 and has a margin of error of plus or minus 1.1 percentage points.
Source: National Retail Federation