Mother’s Day Jewelry Spending to Reach $2.7 Billion
April 23, 08
A recent National Retail Federation (NRF) survey revealed that most consumers plan to hold back on the amount of gifts they will buy for Mother’s Day. According to NRF’s 2008 Mother’s Day Consumer Intentions and Actions Survey, conducted by BIGresearch, an average of $138.63 per consumer will be spent this year, just down from $139.14 in 2007.
Total consumer spending is expected to reach $15.8 billion.
However, the total amount of spending on jewelry is expected to reach $2.7 billion, up from $2.1 billion last year, although the amount of people planning to buy jewelry is down from 32.8 percent in 2007 to 29.7 percent this year.
In addition, of the 84.2 percent of consumers celebrating Mother’s Day, the majority will invest in one major gift for mom, instead of several smaller gifts.
When it comes to popular gifts, consumers will spend nearly $3 billion on a special dinner or brunch, $1.2 billion on consumer electronics $2.0 billion on flowers, $1.4 billion on clothing and accessories and $1.1 billion on personal service gifts like a trip to a spa or salon.
$1.6 billion will also be spent on gift cards/gift certificates, $696 million on housewares and gardening tools and $672 million on greeting cards.
The majority of Mother’s Day shoppers will buy at specialty stores (35.0 percent), discount stores (25.7 percent) and department stores (28.8 percent). Others will shop at specialty clothing stores (6.6 percent), online (18.3 percent) and through catalogs (3.4 percent).
Young adults aged 18-24 will spend the most at an average of $170.71. The 25-34 year-old age group will spend an average of $153.17, followed by 35-44 year-olds, who will spend an average of $145.86.
“Consumers will be very cautious with their wallets this Mother’s Day, heeding mom’s advice that she really doesn’t need much,” commented BIGresearch Vice President of Strategy Phil Rist. “Gas prices and other economic issues will still be at the forefront of people’s minds as they shop around for the perfect gift for mom.”