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Jewelry to Drive US Mother’s Day Spending
Apr 25, 2017 7:44 AM
By Rapaport News
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RAPAPORT... US consumers are expected to spend more on jewelry than on any other product category this Mother’s Day, according to a survey by the National Retail Federation (NRF).
Overall Mother’s Day spending is expected to reach $23.6 billion, exceeding last year’s record by 10%, with as much as $5 billion projected to go toward jewelry, the NRF reported Monday.
The annual survey showed that 36% of consumers were planning to purchase jewelry, while 69% intended to buy flowers and 56% said they would spend money on outings such as dinner or brunch. Despite the larger number of consumers planning purchases in the latter two categories, the spending estimates for those segments were lower, amounting to $2.6 billion for flowers and $4.2 billion for outings.
Average spending for the holiday has been pegged at $186.39, up 8% from last year, according to the survey, which Prosper Insights & Analytics conducted earlier this month for the NRF.
“With spring in full bloom, many Americans are looking forward to splurging on their mothers this Mother’s Day,” said Matthew Shay, the federation’s CEO. “Retailers will be ready with a wide range of gift options and a variety of promotions for their customers.”
Other popular spending categories included gift cards, consumer electronics, clothing, and personal services such as a spa day.
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Tags:
diamonds, Flowers, Gift ideas, Jewelry, mother's day, National Retail Federation, Rapaport News
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