I still love you, Mom
People will be spending less for Mother’s Day this year, according to the most recent survey from the National Retail Federation. That shouldn’t come as a big surprise since people are spending less on everything, except for guns and ammunition, which Target doesn’t sell and don’t make good Mother’s day gifts, anyway.
According to NRF, Mother’s Day spending this year will total $14.1 billion, which is slightly more than Easter, or roughly $124 per person. That is slightly less than the average of $139 that was spent last year. Eating out, jewelry and flowers are expected to account for 19.4%, 16.2% and 13.6% of all spending, respectively. However, if customers choose to skimp in those areas, they may compensate by spending more on other categories, such as greeting cards, gift cards, clothing, consumer electronics, books or such pampering activities as spa services.
“No one will forgo celebrating Mother’s Day because of the bad economy, but they will put careful thought into what they buy and how much they spend,” said Phil Rist, EVP strategic initiatives at BIGresearch, the company that conducted the survey for NRF. “Moms will understand that kids may be spending on a budget, so inexpensive, personal gifts will go a long way.”
The good news for Target is that one-third (30.2%) of Mother’s Day shoppers will purchase gifts from discount stores, while 27.2% will head to department stores. Others will head to such specialty stores as florists, gift stores and electronics stores (33%), and specialty clothing stores (5.5%). The internet also continues to play an important role in the way people shop, with 18.2% of respondents saying they would purchase their gifts online.
The survey was conducted March 31 through April 7 and involved 8,667 consumers.