US consumers are expected to spend 13% more on jewelry this Mother’s Day, the National Retail Federation (NRF) said last week.
Americans will shell out $5.2 billion on the category this year, compared with $4.6 billion in 2018, according to the trade organization’s annual survey. The dollar increase for jewelry sales represents 31% of the total expected growth in Mother’s Day sales over last year. Overall spending for Mother’s Day is predicted to increase 8% to a record $25 billion.
“Mother’s Day spending has been growing consistently over the past several years, and this year’s spending is expected to be the highest in the 16-year history of our survey,” said NRF CEO Matthew Shay.
Although the number of people celebrating Mother’s Day is on par with last year, those consumers are expected to spend an average of $196 per purchase, compared with $180 last year, the NRF explained.
Total spending on special outings such as dinner or brunch will come to $4.6 billion, the NRF estimated. Expenditure on flowers and gift cards will each amount to $2.6 billion, with $2.3 billion to be spent on clothing.
The survey found 44% of those planning to buy gifts felt choosing something unique was the most important factor. Some 39% cited gifts that created a special memory as their number-one consideration when shopping for their mothers.
Consumers between 35 and 44 are likely to spend the most, at an average of $248, compared with $224 in 2018. Men will lay out approximately $237 per gift, while women will spend about $158. Source – www.diamonds.net Rapaport