A mother is expected to be many things: loving, kind, self-sacrificing, giving, cherished, comforting, inspiring providing guidance, strong and nurturing, amongst many other amazing things.
When I was a child, my father would help my brother and I buy flowers, cards and many different gifts for my mom on Mother’s Day. The most cherished of those gifts were all made by hand (i.e., cards, letters, picture collages), but, as an adult, what should one give now that making something by hand seems a bit too juvenile?
According to the National Retail Federation, families this year are ready to splurge on jewelry, flowers, gift cards, brunch and apparel. NRF did a 2015 Mother’s Day Spending Survey, conducted by Prosper Insights & Analytics, and found that Americans will spend an average of $172.63 on Mother’s Day gifts this year, up approximately $10 from the previous year and the highest amount in the survey’s 12-year history. Total spending is expected to reach $21.2 billion.
As far as popular gifts for mom go, according to IBISWorld, Mother’s Day spending on consumer electronics (smart phones and tablets) has outpaced growth in spending on every other gift category and is expected to grow by 1 percent this year to $1.8 billion.
Spending on special dinners and brunches is estimated to grow at the second-highest annualized rate of 10.1 percent, while jewelry is estimated to grow at the third-highest annualized rate of 8.7 percent. Spending on these two product categories is expected to account for 19.2 percent and 18.5 percent of total Mother’s Day spending in 2015, respectively. Among the retail establishments set to benefit from rising Mother’s Day spending, specialty stores and department stores lead the pack. In 2014, these two industries accounted for 33.5 percent and 32.4 percent of total Mother’s Day sales, respectively. Specialty stores include florists, jewelry stores, greeting card stores and other retail establishments selling niche products. Spending on flowers is also predicted to increase the most, by 4.2 percent, in 2015. Overall, the share of sales generated by specialty stores is expected to increase this year.
Source: IBISWorld
So the retail sector should be expecting a nice increase in revenue this Mother’s Day, but what should you give your mother?
According to Fox31 Denver:
- Do some housework, but don’t give her products that remind her of everyday chores
- Do tap the technology to find savings on gifts
- Don’t spend money if you’re in debt or your budget doesn’t allow for it
- Don’t buy flowers online the week of Mother’s Day
- Don’t give mom too techie of gifts if she’s not tech savvy
Happy Mother’s Day to all the moms out there!
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Denise DeChaine is special projects editor and video production editor at Institutional Real Estate, Inc.
