IE Business Daily Business news for the Inland Empire.
Mother’s Day spending is expected to reach a record $38 billion this year, according to the National Retail Federation.
If that prediction is accurate, it will top last year’s $34.1 billion, and surpass the current record of $35.7 billion set in 2023, the federation reported.
“Mother’s Day remains a priority for many Americans, and they plan to lean into the holiday despite current economic uncertainty,” said Mark Mathews, the federation’s chief economist, in a statement. “Consumers are gifting from the heart, seeking unique gifts that create lasting memories.”
Eighty four percent of U.S, adults said they plan to celebrate Mother’s Day this year. Average spending per person on gifts is predicted to be $284.25, a record for one year if it happens and $10 higher than the record $274.02 spent in 2023.
The top shopping destinations for gifts this year are online (33 percent), department stores (33 percent), specialty stores (29 percent) and discount stores (26 percent), the federation reported.
Prosper Insights & Analytics, a marketing agency in Worthington, Ohio, gathered the data used in the report.
