Mother's Day Jewelry Sales to Hit $2.7 Billion

Of the 84.2 percent of consumers celebrating Mother’s Day, the majority will invest in one major gift for mom, instead of several smaller gifts, according to a National Retail Federation survey. This is largely apparent in the jewelry category: while the percentage of those buying jewelry decreased from last year (32.8 percent vs. 29.7 in 2008), those planning on buying mom something shiny will spend a total of $2.7 billion, compared to $2.1 billion last year.

Overall, consumers will spend an average of $138.63 this year for Mother's Day, compared to $139.14 last year, according to NRF’s 2008 Mother’s Day Consumer Intentions and Actions Survey, conducted by BIGresearch. Total consumer spending is expected to reach $15.8 billion.

“Mom has been saying for decades that it’s the thought that counts on Mother’s Day, and this year, kids might actually be listening,” said Tracy Mullin, NRF president and chief executive officer. “Retailers will offer specials on popular items such as digital cameras and gardening tools to make it easy for those who want to surprise mom with a gift.”

When it comes to popular gifts, consumers will shell out nearly $3 billion on a special dinner or brunch, $1.2 billion on consumer electronics like digital cameras, digital photo frames and video cameras, $2 billion on flowers, $1.4 on clothing and accessories and $1.1 billion on personal service gifts like a trip to a favorite spa or salon, NRF says. Shoppers will also spend $1.6 billion on gift cards/gift certificates, $696 million on housewares and gardening tools and $672 million on greeting cards.

The majority of consumers shopping for Mother’s Day gifts will head to specialty stores (35 percent), discount stores (25.7 percent) and department stores (28.8 percent). Others will shop at specialty clothing stores (6.6 percent), online (18.3 percent) and through catalogs (3.4 percent).

Young adults aged 18-24, many of whom have wives, mothers, grandmothers, and sisters, will spend the most at an average of $170.71. The 25-34 year-old age group will spend an average of $153.17, followed by 35-44 year-olds who will spend an average of $145.86, according to the survey.
Source: jckonline