NRF Forecasts $7.5bn Jewelry Spend for Mother's Day

(IDEX Online) - Spending on jewelry for Mothers' Day (10 May) is set to hit $7.5 billion in the US, according to the NRF (National Retail Federation).

That's an increase of over 10% on last year's projected $6.8 billion spend.

It also represents almost 20% of the expected total $38 billion spend on all gifts, including flowers, outings, meals and treats.

"Jewelry leads Mother's Day spending at $7.5 billion, followed by special outings ($6.4 billion) and electronics ($4.4 billion)," the NRF said, following a survey conducted jointly with Prosper Insights & Analytics.

"Spending on flowers is projected to reach $3.2 billion, while greeting cards are expected to total $1.3 billion."

Almost half of the (45%) of the 7,877 adult consumers said they planned to buy jewels for Mother's Day, up from 42% last year. 

NRF Chief Economist Mark Mathews said: "Mother's Day remains a priority for many Americans, and they plan to lean into the holiday despite current economic uncertainty."

The survey shows 84% of US adults plan to celebrate Mother's Day. They're expected to spend a record average of $284.25 on gifts.