A whopping 84% of consumers say they are celebrating Mother’s Day this year, according to the latest annual consumer survey from the National Retail Federation (NRF) and Prosper Insights & Analytics. Spending for the holiday is expected to reach $31.7 billion, up $3.6 billion from the total in 2021. On average, consumers are spending $25 more on purchases this year than last year, bringing the average spending up to a record $245.76. The findings are in line with other 2022 holiday predictions, as consumers are spending more overall despite higher inflation rates.
“Consumers are eager to find memorable ways to honor their mothers and other important women in their lives and are willing to spend a little extra on this sentimental holiday,” NRF President and CEO Matthew Shay said in a statement.
Jewelry and special outings are the top spending items for consumers this year, with many celebrating with dinner or brunch. This year marks a new spending record for both categories, the survey found. More than half (57%) of consumers are planning to spend an average of $40.90 on a special outing like dinner or brunch, signaling families are ready to get out and about once again.
“Jewelry remains a timeless gift selection for Mother’s Day and continues to capture an increasing market share,” Phil Rist, vice president of strategy at Prosper, said in a statement. “Forty-one percent of consumers are planning to gift jewelry this year, up from 34 percent in 2021 and total spending on jewelry is expected to reach $7 billion.”
In addition, 27% of consumers are spending more on experiences and giving concert or sporting event tickets. That’s up from 23% last year and a new record for the survey. Consumers may be more eager to spend on outings and experiences after postponing events during the height of the COVID-19 pandemic throughout the last two years.
Beyond jewelry and outings, consumers are expected to purchase greeting cards (75%) and traditional Mother’s Day bouquets (72%). For gifts, consumers are looking for meaningful items, with 46% looking for something that is unique or different and 41% who want to create memories. Most consumers (36%) are planning to make their purchases online, compared to 30% who will visit a department store, 27% at specialty stores and 23% at local small businesses. Almost 40% said they are interested in giving subscription gift boxes, such as Birchbox or Stitch Fix, that extend the gift-giving beyond Mother’s Day weekend.