Mother's Day Jewelry Gift-Giving Expected to Set New Record at $5 Billion, Reports NRF
Shoppers will be showering their moms with $5 billion in jewelry gifts on Sunday, May 14, setting a new Mother's Day record for that category. That tally represents an increase of 19% compared with the $4.2 billion spent in 2016.
Mother's Day gifts across all categories will total a record $23.6 billion, outpacing 2016’s performance by $2.2 billion, or 10.2%, according to the National Retail Federation’s annual survey conducted by Prosper Insights & Analytics. The NRF noted that the overall increase will be driven largely by the jewelry and personal services categories.
Jewelry is, by far, the strongest of all gift categories, topping the list that includes the $4.2 billion earmarked for special outings, such as a dinner or brunch, $2.6 billion for flowers, $2.5 billion for gift cards, $2.1 billion for clothing, $2.1 billion for consumer electronics and $1.9 billion for personal services, such as a spa day.
The NRF's survey predicts that more than one in three (35.5%) Mother's Day shoppers will be buying a jewelry item this year.
“With spring in full bloom, many Americans are looking forward to splurging on their mothers this Mother’s Day,” NRF President and CEO Matthew Shay said. “Retailers will be ready with a wide range of gift options and a variety of promotions for their customers."
Eighty-five percent of consumers will be giving a Mother's Day gift in 2017, and their average budget will be $186.39, up 8.2% compared to the $172.22 recorded in 2016. Exactly 20.7% reported that they will be spending more this Mother's Day, while 7.9% said they'd be spending less and 56.4% expected to spend the same amount as last year.
The survey, which asked 7,406 consumers about their Mother’s Day plans, was conducted April 4-11 and has a margin of error of plus or minus 1.2 percentage points.
Credit: Image via Bigstockphoto.com. Charts via National Retail Federation.