Spending on jewellery for Mother's Day in the US is set to hit $7bn this year, accounting for around a fifth of all gifts, by value. Total US consumer spending on Mother's Day is forecast at $33.5bn, down 6 per cent on last year's record $35.7bn.
That's down around 11 per cent on a record high of $7.8bn in 2023, according to the newly-released annual consumer survey by the National Retail Federation (NRF) and Prosper Insights & Analytics.
The biggest spenders are those aged 35 and 44, who are expected to splash out $346. More than one-third of consumers intend to shop online, with 32% planning to purchase from a department store, 29% from specialty stores, and 25% at local and small businesses.
"Mother's Day is a time to celebrate the women who play a meaningful role in our lives," said Matthew Shay, NRF President and CEO."Retailers know the significant importance of this day and are ready to help their customers with a wide selection of meaningful gifts for loved ones to show their appreciation."
“Even though consumers continue to gravitate toward classic Mother’s Day gifts…almost one-third plan to give a gift of experience this year,” noted Phil Rist, executive vice president of strategy at Prosper. “Consumers also plan to spend more on special outings than they have in the past.”
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