Mother's Day is fast approaching and, like every year, people are eager to show their love and appreciation. But what about the Mother's Day industry? How is it faring nowadays?
Well, forecasts indicate the industry can expect good things to come. According to the National Retail Federation, consumers plan to spend $37.7 billion this year, a considerable bump from the $31.7 billion spent in 2022. People looking to express gratitude and love towards their mothers will spend an average of $275. Let's look at where exactly they are spending that amount.
There seems to be little innovation in consumer habits around this special day. Most people will spend money on traditional gifts like flowers and greeting cards. Valentine’s and Mother’s Day both entail a significant spike in sales and are the most lucrative holidays for the flower industry, with Christmas completing the top of the chart. During Mother’s Day, for instance, florists can sell ten times more than on a typical week. However, whereas Valentine’s is pretty one-note with red flowers as their indisputable winner, Mother’s Day calls for more diversity, so roses have big contenders like peonies, cyclamen, dahlias, begonias, poppies, gardenias, tulips, and even sunflowers. The flower industry can also expect a broader clientele since Mother’s Day covers multiple demographics.
Although consumers plan to spend their money on more traditional gifts like bouquets, greeting cards, and family outings, other trends are surging. For instance, many consumers search for something more meaningful and turn to personalized gifts. An industry that is not new to Mother’s Day but is transforming to suit this desire is jewelry. Custom-made or personalized pieces have been gaining popularity year after year, and 2023 is no exception.
What does seem to be an exception from what we have seen these last few years is the trend to buy in-store. Only 34% of consumers report they intend to buy their gifts online. For obvious reasons, the biggest surge in online shopping is from 2020 during the height of the pandemic, but in 2022 online shopping was also popular. However, in 2023 people will turn to department stores, specialty stores, and discount stores.
One concern in the mind of consumers this year is inflation. Reports show that inflation will affect prices for the most popular gift categories in different measures. Fragrances, candy boxes, and flowers are affected the most. However, with people eager to pamper their mothers and make sure they feel special, inflation might not influence consumer choices.
Mother's Day industry is projected to do well this year. With a focus on in-store sales and personalized gifts, along with an overall improvement in the economy, the Mother's Day industry is ready for another successful year. So, this Mother's Day, don't hesitate to show your love and appreciation for your mother by choosing a gift that is special and meaningful.