NEW YORK (MainStreet) — Down economy or not, Americans fully intend to pamper their mom this Mother’s Day.
According to estimates from the National Retail Federation, the average person is expected to spend $140.73 on gifts for the May 8 mom-centric holiday, up from an average of $126.90 last year. And total spending is expected to reach $16.3 billion, a figure that mirrors spending levels in 2008.
The NRF said that the spending increase coincides with the consumer desire to buy Mom more luxurious items. According to a survey of 8,488 adults conducted in early April by BIGresearch for the industry group, the number of people who plan on buying electronics (13.3%) rose 48% from last year (9%).
Jewelry sales are similarly expected to rise, with 31.2% of respondents saying they would buy Mom silver, gold or diamonds. Total spending on jewelry is expected to reach $3 billion, a 19% increase over 2010 estimates.
“Americans are in a much better position to spend this year, and will push the daily stresses of high gas and food costs aside for one day to celebrate the most important women in the world to them,” NRF president and CEO Matthew Shay said in a press release.
The NRF said men are expected to spend a little bit more than women, with husbands and sons dropping an average of $168.84 on gifts. Comparatively, mothers and daughters will spend $114.01.
In terms of spending habits by age, adults ages 25-34 will spend the most ($191.35), followed by 18- to 24-year-olds ($183.38) and 35- to 44-year-olds ($155.97).
The heightened spending among the 25-34 demographic is understandable considering that those who are celebrating Mother’s Day not only plan to pamper their mom, but also buy gifts for their wife (19.6%), daughter (9.6), grandmother (8.0%), sister (8.4%), friend (7.3%) or Godmother (1.8%).
Compared to other holidays, Mother’s Day is a cash cow for retailers, easily beating out this year’s estimates for Valentine’s Day ($15.7 billion), Easter Sunday ($14.6 billion) and St. Patrick’s Day (a paltry $4.14 billion).
“Families want to indulge mom this year,” said Phil Rist, the executive vice president of strategic initiatives at BIGresearch.
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