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Mother’s Day Spending to Reach Record High, Jewelry Sales a Driving Factor April 28, 2022 (0 comments)
Washington DC, WA--Mother's Day spending this year is expected to be $31.7 billion this year, up from $3.6 billion in 2021.
[Image: Pxhere Commons]
The annual consumer survey, conducted by National Retail Federation and Prosper Insights & Analytics, revealed that around 84% of U.S. adults could celebrate the day.
“Consumers are eager to find memorable ways to honor their mothers and other important women in their lives and are willing to spend a little extra on this sentimental holiday,” said NRF President and CEO Matthew Shay, according to an NRF report.
The report adds that jewelry purchase is also adding to this year's spending increases.
“Jewelry remains a timeless gift selection for Mother’s Day and continues to capture an increasing market share,” said Prosper Vice President of Strategy Phil Rist in the NRF report. “Forty-one percent of consumers are planning to gift jewelry this year, up from 34 percent in 2021, and total spending on jewelry is expected to reach $7.0 billion.”
Read more in the Mother's Day spending report.