Moms from coast to coast should be delighted on Sunday because their families are expected to spend $4.3 billion on jewelry gifts for Mother's Day. This dollar amount represents an all-time high and is nearly 20% more than was spent on jewelry in 2014. What's more, 34.2% of shoppers said they would splurge on jewelry this year, up from 31.7% last year.
According to the National Retail Federation's 2015 Mother’s Day Spending Survey, total Mother's Day expenditures are expected to exceed $21 billion. Americans will spend an average of $172.63 on their moms, a $10 increase over 2014.
While jewelry certainly has the biggest "wow" factor of all Mother's Day gifts, flowers, gift cards and apparel are all expected to be strong categories.
More than two-thirds of those surveyed said that they would be buying flowers for Mom, which translates into $2.4 billion in sales. Two in five will give Mom a gift card ($2.2 billion), and more than a third will buy apparel items ($1.7 billion).
Other major spending categories include brunch ($3.8 billion), electronic items ($1.8 billion) and personal services, such as spa treatments ($1.5 billion).
Mother's Day greeting cards are still a gifting staple, with 80% of consumers reporting that they will buy a card for their moms. Total spending on cards will reach $786 million, according to the NRF.
The biggest spenders this Mother's Day are expected to be 25- to 34-year-olds ($244.32), compared to 18- to 24-year-olds, who plan to spend an average of $214.81.
A strong majority (62.5%) of consumers plan to purchase a gift for their mother or stepmother, while 23.2% will gift their wife, 9.8% will honor their daughter, 8.9% will shop for their sister and 7.4% will thrill their grandmothers.
“Mother’s Day is extremely unique and personal for millions of consumers, and families this year will look for different ways to enjoy their time with mom,” said analyst Pam Goodfellow of Prosper Insights & Analytics, which conducted the survey of 6,285 consumers for the NRF. “While some will splurge, others will search high and low for the perfect, practical gift, knowing that she likes any gift that comes from the heart.”
And we know that fine jewelry perfectly fits the bill.