RAPAPORT... US consumers are expected to spend 8% less on jewelry this
Mother’s Day, the National Retail Federation (NRF) said last week.
Americans will shell out $4.6 billion on jewelry this year,
compared with $5 billion in 2017, the trade organization predicted. Overall
spending for Mother’s Day will decline 2% to $23.1 billion, according to its projection.
Even though sales are likely to drop, “this year’s Mother’s
Day forecast is one of the strongest we’ve ever seen,” said NRF CEO Matthew
Shay. Estimated consumer spending for
the holiday, which takes place May 13 in the US, is the second-highest in 15
years, he added.
Total spending on special outings such
as dinner or brunch will come to $4.4 billion, the NRF estimated. Expenditure on flowers will amount to $2.6 billion, with $2.5 billion going to gift cards, and $2.1 billion spent on clothing.
The survey found “gifts of experience,” such as a spa day,
tickets to a concert or gym membership, to be popular among mothers, with 29%
saying they wanted to receive one, while 26% of buyers intended to give one.
NRF anticipates the average expenditure on gifts will be $180
per person, with 35% of consumers planning to shop at department stores. In addition, 31% of people will shop online, and 29% will make purchases at specialty stores such as florists, jewelers or electronics
retailers.
Image: LightField Studios/Shutterstock
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