According to a National Retail Federation survey, 41 % of consumers are predicted to give jewellery as a gift this year.
By guest author Becken Branstrator from US National Jeweler
This Mother’s Day, jewellery spending is expected to hit a whopping USD 7 billion.
According to the annual consumer survey released by the National Retail Federation and Prosper Insights & Analytics, 41 % of consumers are predicted to give jewellery as a gift this year, up from 34 % in 2021.
The survey polled 8574 consumers from April 1-11, 2022.
It found that about 84 % of U.S. adults are predicted to celebrate the holiday this year.
Overall, Mother’s Day spending is expected to total USD 31.7 billion in 2022, which is up USD 3.6 billion from last year’s record spending, according to the NRF.
Consumers are planning on spending USD 25 more this year than last on purchases for Mother’s Day and expected to spend a record average of USD 245.76.
“Consumers are eager to find memorable ways to honour their mothers and other important women in their lives and are willing to spend a little extra on this sentimental holiday,” NRF President and CEO Matthew Shay said.