Mom is Dear, Despite High Prices at the Gas Pump
April 20, 06
Julia Ward Howe probably never thought her brain child would turn into this, but 136 years after she conceived Mother's Day as a day honoring the inherent pacifism of mothers following the American Civil War researchers are predicting $13.8 billion in sales related to the day.. A big chunk of it, $2.1 billion, will be spent on jewelry.
According to the National Retail Federation's (NRF) 2006 Mother’s Day Consumer Intentions and Actions Survey, conducted by BIGresearch, the average person in the
The study also found that high prices at the gas pumps will not deter purchases of luxury gifts. Consumers are expected to spend $2.1 billion on jewelry compared to $1.7 billion in 2005. Spa visits and massages for moms will account for a predicted $928 million.
Treating mom to a special outing such as brunch or dinner will cost consumers a total of $2.8 billion, up from $2.2 billion last year.
“Regardless of age or income, most people enjoy showering mom with lavish and thoughtful gifts to show their appreciation,” said NRF president and CEO Tracy Mullin.
Other popular items include flowers, greeting cards, gift certificates or gift cards, electronics or computer related accessories, and books or CDs.
According to the NRF, one explanation for the spending increase could be that people are celebrating “all the moms they know” on this day. Shoppers will also pick up something for other women in their life – wife, daughter, grandmother, sister, friend, and other relatives.
Not surprisingly, men will spend more than women with the average man expected to drop at least $148.51, compared to women who are expected to spend only $97.72.
Another spending surge can be attributed to young adults, ages 18-24, who are expected to spend an average of $142.40 per person, compared to last year’s $96.08. The 45-54 year old age group comes in second at an average of $129.29 per person, followed by the 25-34 year olds ($122.39).
“Consumers certainly enjoy splurging on luxury items such as fancy meals and jewelry, but greeting cards and flowers still remain favorite tokens of their appreciation,” said Phil Rist, vice president of Strategy at BIGresearch.
Greeting card/gift stores, jewelers, florists and electronics stores will be the favorite place to shop this year for gifts of all kinds, with 38.2 percent of consumers preferring specialty stores over other traditional places such as department stores or online shopping.