Learn why the May holiday is the mother of all holidays within the retail industry.
This Mother’s Day, Americans are expected to spend an estimated $23.1 billion total on gifts for mom according to the National Retail Federation. That’s about $186 per person and reportedly the highest amount in the last 15 years.
While greeting cards alone will account for $813 million, $956 million will be spent on gardening tools or housewares. But, consumers will likely spend the most on jewelry (an estimated $4.6 billion) and brunch (an estimated $4.4 billion). The highest paying consumers are predicted to be ages 35-44 – spending an average of $224 billion. The lowest paying consumers? Those aged 18-24, who are predicted to use their smartphones to research and compare prices before purchasing gifts.
Thinking of surprising mom with flowers? While the thought is kind, a floral arrangement may not come off as much of a surprise. Americans will spend around $2.4 billion on Mother’s Day flowers this year – the highest sales during the year for the floral industry even exceeding Valentine’s Day.