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Mother’s Day spending for jewelry items is expected to reach $6.1 billion in 2021, making it the fastest-growing and highest-volume gift-giving category, according to an annual survey released by the National Retail Federation (NRF). The jewelry spending number is up from $5.3 billion in 2020, an increase of just over 15%.
Overall Mother’s Day spending in 2021 will set a record at $28.1 billion, up from $26.7 billion in 2020. Nearly 60% of that annual increase is reflected in the strength of the jewelry category, where purchases are slated to jump by $800 million.
Exactly 35% of respondents said they will be buying jewelry for their moms this year, with the average spending per person pegged at $47.76, up more than 18% from 2020. Forty-five percent of men and 27% of women said they will be gifting jewelry this Mother's Day.
“There is a lot of consumer optimism around Mother’s Day this year as more people are getting vaccinated and stimulus checks are being distributed,” NRF President and CEO Matthew Shay said. “For many, this is a chance to make up for last year’s Mother’s Day when we were under lockdown.
While the portion of people reporting that they will be celebrating Mother’s Day with a gift in 2021 is consistent with previous years at 83%, this year’s gift-givers will be spending more.
The average Mother’s Day outlay is expected to be a record $220.48, up from $204.47 in 2020.
Surprisingly, consumers ages 25-34 are likely to spend the most at $367.08. The amount is $99 more than 2020. The NRF reported that in addition to buying gifts for their own moms, these younger shoppers are more likely to be buying for spouses and other recipients, such as grandmothers or friends.
The second-highest-spending age range is 35-44 ($280.19), followed by those 18-24 ($266.50) and 45-54 ($207.73).
Men are expected to outspend women significantly ($284.90 compared with $159.27).
Nearly half (49 percent) of respondents said they are planning a special Mother's Day outing, such as a brunch or other activity. While this is up slightly from last year, it is still below pre-pandemic levels.
The 2021 survey, which asked 7,818 consumers about their Mother’s Day plans, was conducted by Prosper Insights & Analytics from April 1 to 9 and has a margin of error of plus or minus 1.1 percentage points.
Credit: Image by Bigstockphoto.com.