Jewelry Spending to Boost Mother's Day Sales

RAPAPORT... US consumers are expected to spend 13% more on jewelry thisMother's Day, the National Retail Federation (NRF) said last week. Americans will shell out $5.2 billion on the category this year,compared with $4.6 billion in 2018, according to the trade organization'sannual survey. The dollar increase for jewelry sales represents 31% of the total expected growth inMother's Day sales over last year. Overall spending for Mother's Day, which falls on May 12, ispredicted to increase 8% to a record $25 billion. "Mother's Day spending has been growing consistently overthe past several years, and this year's spending is expected to be the highestin the 16-year history of our survey," said NRF CEO Matthew Shay. Although the number of people celebrating Mother's Day is onpar with last year, those consumers are expected to spend an average of $196per purchase, compared with $180 last year, the NRF explained. Total spending on special outings such as dinner or brunchwill come to $4.6 billion, the NRF estimated. Expenditure on flowers and giftcards will each amount to $2.6 billion, with $2.3 billion to be spent onclothing. The survey found 44% of those planning to buy gifts felt choosingsomething unique was the most important factor. Some 39% cited gifts thatcreated a special memory as their number-one consideration when shoppingfor their mothers. Consumers between 35 and 44 are likely tospend the most, at an average of $248, compared with $224 in 2018. Men will lay out approximately $237 per gift, while women will spend about $158. Image: A daughter giving a gift to her mother. (Shutterstock)