Mother's Day spending will top $17 billion this year
Americans are feeling a little more flush in 2013 and are likely to spend more on Mom.
A strengthening economy means spending a little bit more on Mother's Day this year. Compared with last year, consumers will part with an additional 0.2% overall, hitting $17.1 billion, according to research firm IBISWorld.
And there's some momentum behind those numbers, because last year's Mother's Day spending figures were up 6.5% from 2011.
In keeping with tradition, most of those purchases will be made on flowers, jewelry and holiday outings, with shoppers projected to spend $2.7 billion at the florist, $2.9 billion at the jeweler's and about $2.8 billion for a trip to a special restaurant, a day cruise or some other treat.
"It's our second-busiest time of year behind Valentine's Day," Wendi Day, the owner of the Old Town Florist in Portland, Ore., told the Portland Business Journal. "Everyone's paid their taxes. April is a little bit of a lull. (Mother's Day) is real important."
Some other items expected to make a splash, according to IBISWorld, are:
Gift certificates: Up 2.2% from 2012, to $1.82 billion.
Clothing: Up 0.7% vs. 2012, to $1.51 billion.
Personal services: A housekeeper for the day, a catered dinner or a personal massage or manicure, can be a big hit. This sector is expected to rise 0.8% to $1.32 billion.
But there are noticeable declines:
Electronics: Mom may not want that Apple (AAPL) iPod. Sales of electronics for Mother's Day are expected to drop by 5.3% to $1.08 billion.
Greeting cards: Sales should fall by 5.1% to $710 million because more consumers are using electronic cards, email and social networks to convey holiday greetings.
Housewares and gardening: A 3.5% drop to $66 million.
Books or CDs: Down 3.1% to $63 million.
And if you plan to go the old-school route but don't know what kind of flowers to get, Portland's Day has a suggestion: "Our most popular item is the mixture of flowers this year," she said. "Especially tulips and peonies."
Happy Mother's Day.
Copyright © 2014 Microsoft. All rights reserved.
Fundamental company data and historical chart data provided by Morningstar Inc. Real-time index quotes and delayed quotes supplied by Morningstar Inc. Quotes delayed by up to 15 minutes, except where indicated otherwise. Fund summary, fund performance and dividend data provided by Morningstar Inc. Analyst recommendations provided by Zacks Investment Research. StockScouter data provided by Verus Analytics. IPO data provided by Hoover's Inc. Index membership data provided by Morningstar Inc.
[BRIEFING.COM] The major averages began the new trading week on a slightly lower note with small caps leading the weakness. The Russell 2000 shed 0.3% while the S&P 500 slipped less than a point with six sectors ending in the red.
Equity indices began the day in negative territory with only the Nasdaq (-0.04%) making a very brief appearance in the green. After sliding through the first hour of action, the major averages reversed and spent the remainder of the session climbing off ... More
More Market News
Like many companies this winter, the fast-food giant blamed a drop in same-store sales on the weather. But could its problems be bigger than a snowbank?
MUST-SEE ON MSN
- Video: Easy DIY smoked meats at home
A charcuterie master shares his process for cold-smoking meat at home.
- Jetpacks about to go mainstream
- Weird things covered by home insurance
- Bing: 70 percent of adults report 'digital eye strain'