Mother's Day 2024: near-record spending of $33.5 billion expected
FILE - A florists shows a small pot with a plant and the words 'Happy Mothers Day' written on it, in a flower shop.
LOS ANGELES - According to the latest annual consumer survey by the National Retail Federation (NRF), Mother's Day spending is projected to hit $33.5 billion this year.
This marks the second-highest amount recorded in the survey's history, trailing only behind last year's peak of $35.7 billion.
"Mother’s Day is a time to celebrate the women who play a meaningful role in our lives," NRF President and CEO Matthew Shay said. "Retailers know the significant importance of this day and are ready to help their customers with a wide selection of meaningful gifts for loved ones to show their appreciation."
Mother's Day spending habits
A whopping 84% of U.S. adults plan to partake in this year's festivities, with an average expenditure of $254.04 on gifts and celebrations.
This average is only second to last year's high of $274.02. The survey identifies adults aged 35 to 44 as the highest spenders, with an average budget of $345.75 for the occasion.
Mother's Day gift trends
Traditional gifts remain popular, with flowers and greeting cards favored by 74% of shoppers and special outings like dinners or brunches chosen by 59%.
According to the NRF, this is how much money consumers are spending on popular Mother's Day gifts:
- Jewelry: $7 billion
- Special outings: $5.9 billion
- Electronics: $3.5 billion
- Flowers: $3.2 billion
- Greeting cards: $1.1 billion