It looks as though there will be two very happy groups come May 13: moms … and merchants.
That’s because a recent survey of more than 7,500 consumers conducted by the National Retail Federation and Prosper Insights & Analytics is forecasting a near-record $23.1 billion sales year for Mother’s Day. According to the forecast, 86 percent of Americans will be celebrating this year, and it’s estimated that we’ll each spend about $180, on average, on Mom.
If you’re a small merchant, I hope you’re stocking up your inventory.
The biggest sales will probably be from jewelers, who are expected to rake in $4.6 billion. Restaurateurs will be serving up dinner and brunch to the tune of $4.4 billion. Florists are expected to pull in about $2.6 billion. Other winners that day should be clothing stores, consumer electronics and spas. The greeting card industry is expected to bring in more than $800 million.
“This year’s Mother’s Day forecast is one of the strongest we’ve ever seen,” NRF president and chief executive Matthew Shay said in a news release. “With spring in full bloom, Americans are looking forward to splurging on their mothers.”
If you’re trying to target a demographic, then you might want to go after the 35-to-44-year-olds. They’re expected to spend an average of $224. If you want to target millennials, you had better increase your online ad budget. That group is widely expected to do their searching (and price comparisons) for gifts from their smartphones.
All in all, it looks as though May 13 will be a great day for small businesses. Fifty-two percent of survey respondents said they were going to shop at a local small business or specialty store selling items such as flowers, jewelry and electronics. Thirty-one percent plan to shop online.
Still, this year’s spending in honor of moms is expected to come in at about $500 million short of last year’s (which was the highest in the study’s 15-year history). Maybe it’s because people are putting away a few extra bucks for this year’s, ahem, Father’s Day?