Practicality on Tap This Mother’s Day [AUDIO]
According to the National Retail Federation's 2014 Mother's Day Spending Survey, conducted by Prosper Insights and Analytics, Americans will spend an average of $162.94 on Mom this year. That's down from a survey high of $168.94 last year. Total spending is expected to reach $19.9 billion.
"The average person this year will look to trim their budget just a little bit compared to what they spent last year," said Kathy Grannis, spokesperson with the National Retail Federation. "People are mostly looking for ways to show Mom that they care very much for her and appreciate her hard work, but at the same time are not willing to break the bank. This is a trend we've seen since the beginning of 2014. Valentine's Day and Easter were the same way. The economy is certainly in a much better place that it has been in recent years, but job creation is still slow, income growth is still slow and Americans are just not ready to start that splurging habit all over again."
According to the survey, 81.3 percent of consumers will spend their money on greeting cards. Two-thirds will buy flowers, spending a total of $2.3 billion while 33.5 percent will look for spring sweaters and blouses, spending a total of $1.7 billion on apparel and accessories.
Some of the other popular gifts will include books, CDs, gardening tools, housewares, spa treatments and special outings, like brunch or dinner.
Tablets, smartphones and electronic gifts were very popular last year, so consumers may have less of a reason to spend on such items this year. But, 13.1 percent still say they will buy Mom an electronic item and will spend a total of $1.7 billion, down from $2.3 billion in 2013.
"More people want to invest in gift cards for Mom this year, and I think that speaks to the practicality factor," Grannis said. "If people aren't quite sure what Mom wants, gift cards are the perfect idea -- especially if there is something she may have had her eye on for quite some time."