Despite increasing inflation, consumers are likely to spend a record amount of money this Mother’s Day, according to retail experts.
The National Retail Federation expects U.S. consumers to spend an average of about $245 on their mothers, according to its latest survey of 8,574 consumers.
Last year was also a record year, but 2022 is expected to bring in $31.7 billion, surpassing 2021’s total by $3.6 billion. The average consumer plans to spend $25 more than they spent last year.
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The top three most popular gifts for Mother’s Day remain greeting cards, flowers, and special outings, in that order. These were also the top gifts in 2021.
“Forty-one percent of consumers are planning to gift jewelry this year, up from 34 percent in 2021 and total spending on jewelry is expected to reach $7.0 billion,” Prosper Vice President of Strategy Phil Rist said in a release.
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Meanwhile, inflation hit 8.5% last week. The latest consumer price index for all consumers was up 1.2% in March alone.
