Mother’s Day Spending Expenditures Are Expected To Increase This Year
Newly released data from the National Retail Federation reveals an increase in expected expenditures for Mother’s Day. A 20-year veteran of retail marketing and CEO of FUEL Partnerships, Erik Rosentrauch, explains the changing consumer trends of Mother’s Day. He says spending is expected to reach $23 billion in 2018, a 61% increase since 2009. People between the ages 35-44 are projected to spend the most, averaging $224.
“We finally all realize that moms are important and we are ready to spend more money on her.”
Rosentrauch says that Mother’s Day is the third highest spending holiday behind Christmas and the Back-to-School season. People are projected to spend most of their money on flowers, dining, and jewelry. The National Retail Federation estimates that Americans will spend an average 180 dollars per person.
“About 69% of people are going to buy flowers for their mom, that equates for $2.6 billion and 55% of us are going to take mom out for a meal which counts for about $4.4 billion.”
Rosentrauch recommends experiential gifts, like sending mom out for a spa day or a concert. He says experiential gifts last longer than material items, allowing the family to continually celebrate their mothers.
“Spending your money on an experience and the memories that you then have, those last a lifetime. Material things have a tendency to please in the short term, they don’t really have long term happiness value.”