Mother's Day 2024 - Jewellery Spending Holds Strong Amidst Evolving Gift Trends

Despite a slight decrease in overall spending, jewellery remains a cornerstone of expressions of love and gratitude, even as preferences shift towards experiential gifts
Mother's Day 2024 - Jewellery Spending Holds Strong Amidst Evolving Gift Trends

This year, spending on jewellery for Mother's Day in the US is projected to reach $7 billion, constituting about a fifth of the total gift expenditures. Overall consumer spending for Mother's Day in the US is anticipated to be $33.5 billion, showing a 6% decrease from last year's record of $35.7 billion.

This figure marks an approximately 11% decrease from the peak of $7.8 billion recorded in 2023, according to the latest annual consumer survey released by the National Retail Federation (NRF) and Prosper Insights & Analytics.

The age group of 35 to 44 is expected to be the most generous, with an average expenditure of $346. More than a third of consumers plan to shop online, with 32% intending to buy from department stores, 29% from speciality shops, and 25% from local and small businesses.

Matthew Shay, President, and CEO of NRF, remarked, "Mother's Day is a special occasion to honour the impactful women in our lives. Retailers understand its significance and are poised to assist customers with a diverse array of thoughtful gifts to express appreciation."

Phil Rist, Executive Vice President of Strategy at Prosper, pointed out, "While traditional Mother's Day gifts remain popular... almost one-third of consumers plan to opt for experiential gifts this year. Additionally, there's a trend of increased spending on memorable outings compared to previous years."

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