Mother’s Day 2023: Money spent on gifts up by $4 billion compared to last year
Asher Notheis
Video Embed
Mother’s Day is almost here, and with it comes the purchases of gifts for mothers everywhere, with this year’s spending at a record high.
In total, shoppers plan to spend a total of $35.7 billion on Mother’s Day this year, up by nearly $4 billion from the record of $31.7 billion set in 2022. A total of 84% of adults in the United States are expected to celebrate the holiday this year, according to a survey released by National Retail Federation.
SAVINGS RATE: AFTER A SLEW OF BANK FAILURES’ IS THE WORST TURMOIL IN THE INDUSTRY BEHIND US?
“Mother’s Day provides Americans with an opportunity to honor important women in their lives,” said NRF President and CEO Matthew Shay. “As people make plans to celebrate this year, retailers are prepared to help shoppers find gifts of appreciation and admiration for those they want to recognize on this special day.”
Consumers intend to spend $274.02 per person, also up from 2022’s record of $245.76. The age group spending the most on Mother’s Day is those between the ages of 35-44, who are expected to spend an average of $382.26 on the holiday.
The most popular gifts this year consist of flowers, greeting cards, and trips to restaurants, with 74% of shoppers buying flowers and cards and 60% planning to eat out at restaurants. Additionally, consumers will spend a total of $7.8 billion on jewelry, $5.6 billion on special outings, and $4 billion on electronics for Mother’s Day gifts.
CLICK HERE TO READ MORE FROM THE WASHINGTON EXAMINER
Most shoppers celebrating Mother’s Day, at 57%, are buying gifts for either a mother or stepmother. However, 23% of shoppers are buying a gift for their wife, and 12% are buying at least one gift for their daughter.
The survey was conducted among 8,164 U.S. adult consumers over April 3-11, and has a margin of error of +/-1.1%.