Thanks to a tight economy, people are expected to spend less on Mother’s Day this year, according to the National Retail Federation.
Consumers said they plan to spend an average of $138.63 compared to $139.14 last year, the NRF’s 2008 Mother’s Day Consumer Intentions and Actions Survey found, which BIGresearch LLC, conducted.
Most people (84.2%) celebrating Mother’s Day will buy one major gift instead of several small gifts, the survey said. The number of shoppers buying jewelry is expected to drop to 29.7% this year from 32.8% last year, overall spending is slated to increase to $2.7 billion this year, up from $2.1 billion in 2007.
Total spending on Mother’s Day is expected to reach $15.8 billion. Last year, $15.7 billion was spent on the holiday, the group said.
Among popular gifts this year, consumers are expected to spend $3 billion on a brunch or dinner, followed by $1.2 billion on consumer electronics, including digital cameras, flowers, clothing and accessories, $2 billion on flowers, $1.4 billion on clothing and accessories, $1.6 billion on gift cards/ gift certificates and $1.1 billion on special services, like a spa treatment.
Many shoppers (35%) will visit specialty stores for gifts for mom, while others (28.8%) will shop at department stores or discount stores (25.7%), the survey said. Young adults aged 18-24 will lead the spending an average of $170.71. People 25-34 years old will spend about $153.17, followed by 35-44 year-olds at $145.86, according to the research.
“Consumers will be very cautious with their wallets this Mother’s Day, heeding mom’s advice that she really doesn’t need much,” says Phil Rist, BIGresearch vice president of strategy, in a statement. “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.”
Mother’s Day places third behind winter holidays and Valentine’s Day based on the amount of consumer spending, the NRF said.
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