Despite a minor decrease in overall Mother’s Day spending in the US this year, jewelry remains a steadfast symbol of affection and gratitude, even amidst a growing preference for experiential gifts, as evident by the latest annual consumer survey released by the National Retail Federation (NRF) and Prosper Insights & Analytics.
According to Diamond World, this year, expenditure on jewelry for Mother’s Day in the US is forecasted to reach $7 billion, accounting for approximately one-fifth of total gift spending. Overall consumer spending for Mother’s Day in the US is predicted to total $33.5 billion, reflecting a 6% decrease from last year’s record of $35.7 billion. This amount represents an approximately 11% decline from the peak of $7.8 billion recorded in 2023.
According to the survey, individuals aged 35 to 44 are expected to be the most generous, with an average expenditure of $346. Over a third of consumers plan to make their purchases online, with 32% intending to shop at department stores, 29% at specialty shops, and 25% at local and small businesses.
Matthew Shay, President, and CEO of NRF, remarked, “Mother’s Day is a special occasion to honor the impactful women in our lives. Retailers understand its significance and are poised to assist customers with a diverse array of thoughtful gifts to express appreciation.”
Phil Rist, Executive Vice President of Strategy at Prosper, said, “While traditional Mother’s Day gifts remain popular… almost one-third of consumers plan to opt for experiential gifts this year. Additionally, there’s a trend of increased spending on memorable outings compared to previous years.”
