With Mother’s day around the corner, jewelry retailers are pushing promotions and offers to capitalize on the expected increased consumer spending. National Retail Federation (NRF) – the world’s largest retail trade association representing retailers from 45 countries, has along with Prosper Insights & Analytics recently conducted a survey on Mother’s day in United States.
The survey shows that 84% of Americans above 18 years of age will celebrate Mother’s day and jewelry has emerged as the biggest contributor to Mother’s day spending. It will also be the most popular choice of gift for more than half of the people in the age group of 18-34. The average spending on jewelry has increased to USD 102.91 compared to last year’s average of USD 94.38. This translates to an expected total spending of USD 4.317 billion in jewelry this Mother’s day compared to last year’s estimate of USD 3.650 billion
In contrast to normal jewelry shopping behavior, for Mother’s day, men will spend 87.3% more than women on jewelry. While most men shop for their mother (59.8%), shopping for wife also remained a popular trend at 23.2%
A related survey shows that online shoppers will spend an average of USD 252, significantly higher than average physical store spending of USD 172.63. Among the online shoppers, 49.3% will purchase jewelry for Mother’s day at an average of USD 108.55.
Another survey by March of Dimes regarding Americans’ relationship with parents found that jewelry is the best received Mother’s day gift. In fact, Jewelers of America – national trade association for fine jewelry in USA – say that Americans buy more jewelry for Mother’s day than any other occasions including even Valentine’s Day and Christmas.
In addition to Mother’s day, month of May also marks beginning of peak wedding season stimulating increased jewelry shopping. After the disappointing jewelry retail scenario from US holiday season, Chinese New Year, Valentine’s Day, Hong Kong Trade show, Baselworld etc. Mother’s Day and following wedding season may hopefully help turnaround the declining jewelry spending trend.