Mother's Day spend may be a record-setter this year
Shoppers will spend the most ever this year come Mother's Day, averaging about $186 on purchase, reveals a NRF survey conducted by Prosper Insights & Analytics.
Last year shoppers averaged about $172. This year's predicted spend of $23.6 billion would be the highest spend yet in the 14-year history of the spending poll. Last year was a record setter, hitting $21.4 billion.
"With spring in full bloom, many Americans are looking forward to splurging on their mothers this Mother's Day," NRF President and CEO Matthew Shay said in a press release. "Retailers will be ready with a wide range of gift options and a variety of promotions for their customers."
Consumers will spend mostly on jewelry (36 percent of consumers, $5 billion) but dinner and meals are also high on the list with $4.2 billion spend by 56 percent of consumers.
"Consumers are planning to open up their wallets a little bit more to celebrate the women with the most important jobs in the world on Mother's Day," Prosper Principal Analyst Pam Goodfellow said in the release. "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."