This Mother’s Day, the glint of gold and the sparkle of diamonds are set to take centre stage as consumers are expected to spend an impressive $7 billion on jewellery. This figure is part of a broader trend that sees Mother’s Day spending reach a near-record total of $33.5 billion, according to the National Retail Federation (NRF) and Prosper Insights & Analytics.
The survey, which anticipates the second-highest spending in the survey’s history, highlights the enduring tradition of honouring mothers with gifts that last. “Mother’s Day is a time to celebrate the women who play a meaningful role in our lives,” NRF President and CEO Matthew Shay said. “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.”
While flowers and greeting cards remain popular, with 74% of shoppers opting for these classics, jewellery stands out as a significant category with consumers planning to spend an average $53.12 on jewellery. It represents a commitment to giving gifts that are both thoughtful and enduring.
The survey reveals that the biggest spenders are those aged 35 to 44, who are planning to allocate an average of $345.75 for the holiday. This demographic is particularly inclined towards more substantial gifts, with jewellery being a favoured choice.
“Even though consumers continue to gravitate toward classic Mother’s Day gifts like flowers and greeting cards, almost one-third plan to give a gift of experience this year,” Prosper Executive Vice President of Strategy Phil Rist said. “Consumers also plan to spend more on special outings than they have in the past.”
Online shopping remains the preferred method for purchasing Mother’s Day gifts, with 35% of consumers choosing this convenient option. However, department stores (32%), specialty stores (29%), and local businesses (25%) also play a significant role in facilitating these heartfelt transactions.
With Mother’s Day around the corner, the jewellery industry is poised for a bustling season, as consumers seek out the perfect pieces to express their love and gratitude.