IE Business Daily Business news for the Inland Empire.
U.S. consumers are expected to spend $34.1 billion on Mother’s Day, according to the National Retail Federation.
If that prediction holds true, it will top last year’s $33.5 billion and will be close to the record set in 2023, when $35.7 billion was spent on Mother’s Day, the Washington, D.C.-based trade association reported.
“Mother’s Day is an important holiday for many consumers, only surpassed by the winter holidays in terms of average spending,” said Katherine Cullen, the federation’s vice president of industry and consumer insights, in the statement. “Even in the face of economic uncertainty, consumers continue to celebrate the special women in their lives with gifts and outings.”
Eighty four percent of U.S. adults are expected to celebrate the holiday, and spend a average of $259.04 on gifts and celebrations, only $5 more than they spent last year. Thirty six percent said they expect to shop online this year, while 32 percent said they plan to shop in a department store, 29 percent in specialty stores, and 25 percent at a small or local business, according to the federation.
