RAPAPORT… US consumers are expected to spend a record amount on jewelry this Mother’s Day in an effort to treat their loved ones after more than a year apart, according to the National Retail Federation (NRF).
“There is a lot of consumer optimism around Mother’s Day this year as more people are getting vaccinated and stimulus checks are being distributed,” NRF CEO Matthew Shay said last week. “For many, this is a chance to make up for last year’s Mother’s Day when we were under lockdown.”
In total, Americans will shell out $28.1 billion in Mother’s Day gifts this year, up $1.4 billion from 2020, the NRF noted. Consumers will spend 59% of that $1.4 billion on jewelry.
On average, shoppers will lay out $220 on gifts for the holiday, which falls on Sunday, May 9. That figure is $16 more than last year, and the highest in the NRF’s survey history, the federation said. Consumers aged 25 to 34 plan to spend an average of $367 this year, a rise of $99 over 2020.
“These shoppers are also the most likely to be planning gifts of higher-dollar items like jewelry or electronics,” the NRF explained. “In addition to buying gifts for their own moms, these shoppers are more likely to be buying for spouses and other recipients like grandmothers or friends.”
Additionally, more consumers are venturing out to buy gifts this year. Approximately one-third plan to purchase online, while 28% noted they would shop at department stores, 26% chose specialty stores such as florists and jewelers, and 23% went for small businesses.
Image: A woman giving a Mother’s Day gift. (Shutterstock)
Source: diamonds.net Rapaport