April 19, 2006
Strong Mother's Day Expected for Luxury Retailers
Spending for Mother's Day this year is expected to far exceed spending for the 2005 holiday, and more consumers say they plan to hunt for luxury gifts this year, according to a study by the National Retail Federation.
The 2006 Mother's Day Consumer Intentions and Actions Survey showed that spending is anticipated to reach $13.8 billion this year, an average of $122.16 per person, up from $104.63 per consumer in 2005. Consumers, undeterred by high gas prices and other economic factors, plan to spend a total of $2.1 billion on jewelry, compared to $1.7 billion last year.
Men will spending more than women an average of $148.51 for male consumers compared to female ($97.72). Also, the study showed that much of the expected increase in spending may be driven by consumers age 18-24, who plan to spend an average of $142.40 per person, up from $96.08 last year. Increases are also expected among 45- to 54-year-olds ($129.29) and 25- to 34-year-olds ($122.39).
In addition to buying for mom, 20.7% of respondents said they will shop for their wives, while others will buy for their daughers (9.1%), grandmothers (8.5%), sisters (7%), friends (7%) and other relatives (12.3%).
In good news for independent jewelers, 38.2% of respondents say they will shop at specialty stores compared to department stores (29.2%), discount stores (25.6%), online venues (16.9%), specialty clothing stores (5%) and catalogs (3.4%).