U.S. consumers expected to spend record $21.2 billion on Mother's Day
© Reuters. Americans are expected to spend the most on Mother's Day this weekend in a dozen years
Investing.com -- Is love tangible? Can you express the proper amount of respect and admiration for your mother this weekend without breaking the bank?
If you ask some retail shopping experts, the answer would be a resounding no. Consumers in the U.S. are expected to spend an estimated $21.2 billion celebrating Mother's Day this year, according to the National Retail Federation, a spike of more than $3.1 billion from 2014. On average, an American consumer is expected to spend more than $172.50 on gifts for their mother, up by more than $10 from last year at this time. The spending frenzy is expected to be the highest in the United States in a dozen years.
Though Americans are expected to spend close to $2.0 billion on flowers during the holiday, a large percentage of mothers nationwide surprisingly prefer a thoughtful gift from their children over a colorful bouquet. When asked in a survey by DIY Father and Pro Flowers to name a gift they would like for Mother's Day, 36% of respondents answered "something homemade," opposed to only 22.5%, who coveted flowers.
Should a talented artist opt to construct a handmade card instead of running down the street to help add to Hallmark's coffers? This year, roughly 80% of all consumers are expected to purchase a card for their mothers, representing a total cost of $786 million. The majority of the purchases help feed Hallmark and its chief competitor American Greetings. In 2013, the two companies combined to control more than 90% of the market, according to Atlantic Magazine.
Nearly every mother, meanwhile, loves to add to her jewelry collection, a wont not lost on faithful sons around the country. Jewelry spending for Mother's Day is expected to surge to $4.3 billion, up from $3.6 billion last year. On Friday, shares in Tiffany & Co (NYSE:TIF) inched up 0.67 or 0.76% to 88.65. Tiffany stock currently hovers at the low end of its 52-week range of 82.64-110.60.
Can hard-working Americans expect to pay less when they purchase a much-needed power saw for their fathers next month? While Father's Day is projected to rank as the sixth-largest spending holiday on the 2015 calendar, according to the National Retail Federation, Americans spent only $12.5 billion on the holiday last year.
Mother's Day is typically held on the second Sunday in May throughout the world, including Australia and Canada. In Samoa, some groups reportedly perform spirited dance routines to pay homage to their mothers.
More than 85 million mothers in the United States will celebrate the holiday on Sunday.