Mother’s Day spending is expected to reach an unprecedented $21.2 billion.
It’s going to be a banner year for moms, according to consumer spending trends tracked by the National Retail Federation. Spending for Mother’s Day, May 10, is expected to reach an unprecedented $21.2 billion. Americans are forecast to spend an average of $172.63 on mom, up nearly $10 from last year and the highest amount in the survey’s 12-year history.
Mother’s Day ranks second to the winter holiday season as the nation’s biggest retail holiday, the NRF reports (Americans spend more on back to school items, but that’s not really a holiday, unless you count the kids finally being out of the house). In comparison, Father’s Day spending lags behind Valentine’s Day and Easter and is just ahead of the Super Bowl.
Affluent households aren’t onboard with all holiday celebrations, according to Spectrem Group research for Millionaire Corner. For example, just over seven-in-ten watch the Super Bowl at home rather than attend or host a party for the Big Game. n New Year’s Eve. On New Year’s Eve, the highest percentage of Millionaires surveyed reported they are most likely to stay home and turn in early.
But when it comes to Mother’s Day, home is not where the heart is. One-third of Affluent respondents said they will be treating mom to dinner, while 23 percent said they will take her out to brunch.
No online or digital cards will do for mom, affluent respondents insist. Four-in-ten indicated they will be purchasing a physical card, while 37 percent said they will present her with a gift.
When it comes to Mother’s Day observance, net worth is not a factor. Half of households with a net worth of less than $100,000 said they will be offering mom a gift, compared with 31 percent of the wealthiest respondents with a net worth of at least $5 million. Likewise, households on opposite ends of the wealth spectrum are equally as likely to be taking mom out to dinner or brunch.
Across age levels, Millennials are more likely than their elders to treat mom to brunch and less likely to have a Mother’s Day dinner with her. But you can count on them most to present mom with a card (60 percent).
Observing Mother’s Day knows no politics with Republicans and Democrats equally likely to give mother a card (43 percent). But Republicans are more likely to take mom to dinner, while Democrats will go the brunch route. A higher percentage of Democrats, too, said they will present mom with a gift (40 percent vs. 36 percent).
Donald Liebenson writes news and features for Millionaire Corner. He has been published in the Chicago Tribune, The Chicago Sun-Times, The Los Angeles Times, Fiscal Times, Entertainment Weekly, Huffington Post, and other outlets. He has also served as a marketing writer for Chicago-based Questar Entertainment and distributor Baker & Taylor.
A graduate of the University of Southern California, he is married with a college-age son. He also writes extensively about entertainment.