Mother's Day Jewelry Spending to Break Record

RAPAPORT... US consumers are expected to spend a record amount on jewelry this Mother's Day as they look to find "meaningful" gifts for their loved ones, according to a National Retail Federation (NRF) survey."Jewelry remains a timeless gift selection for Mother's Day and continues to capture an increasing market share," said Phil Rist, vice president of strategy for Prosper Insights & Analytics, which conducted the survey with the NRF. Some 41% of consumers are planning to gift jewelry this year, up from 34% in 2021.Americans will shell out $31.7 billion on Mother's Day gifts this year, $3.6 billion more than in 2021, the NRF said last week. Consumers will spend $7 billion of the total on jewelry.On average, shoppers will lay out $246 on gifts for the holiday, which falls on Sunday, May 8. That figure is $25 more than last year and the highest in the NRF's survey history, the organization said. Additionally, special outings, such as dinner or brunch, are popular this year, also reaching record levels, the federation noted. In all, 57% of respondents are planning to spend an average of $41 on that segment. "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 CEO Matthew Shay.Gifts of experience, like concerts or sporting event tickets, were chosen by 27% of shoppers, the highest figure since the NRF began tracking the category in 2016. For 75% of respondents, greeting cards were the top priority, while 72% planned to buy flowers. More than one-third of consumers expect to shop online, with 30% picking department stores, 27% making purchases at specialty stores, and 23% looking to buy at local small businesses.Image: A woman giving her mother a present for Mother's Day. (Shutterstock)