Will You Splurge On Mom This Mother’s Day? [AUDIO]
Moms are in for a special treat this Mother's Day.
People are planning to spend an average of $168.94 on mom this year, up 11 percent from $152.52 last year. Total spending is expected to reach $20.7 billion. That's according to the National Retail Federation's Mother's Day spending survey conducted by BIGinsight.
"It's clear that Americans this year want to honor the woman with the hardest job in the world with unique and special gifts this Mother's Day," said NRF President and CEO Matthew Shay. "After a long winter that kept many from splurging on any new spring merchandise, retailers are looking forward to opening their doors and surprising shoppers with promotions that are perfect for any gardener, host fashionista or tech-savvy mom."
While traditional gifts like flowers, clothing and gift cards will still be popular, many plan to splurge even more this year and treat mom to a tablet, smartphone or jewelry.
The survey found that 14.1 percent will spend more than $2.3 billion on electronics, up from $1.6 billion last year. More than one-third, 34.4 percent, will buy jewelry and will spend a total of $4.2 billion which is up from $3.7 billion last year.
"There might be this notion that the family is coming together to treat mom to something really special because they may have held off for the last few years because of the economy," said Kathy Grannis, spokesperson for the National Retail Federation.
"Budgetary constraints will keep many families on the lookout for the perfect group gift, like a new tablet or smartphone, or even that cashmere sweater they known mom has had her eye on," said BIGinsight Consumer Insights Director Pam Goodfellow. "This year, there's no question mom will blush over the outpouring of admiration her family and friends want to bestow upon her."