Mother's Day spending hits all-time high this year. Here are some tips to save money
The National Retail Federation predicts consumers will spend a record $35.7 billion for Mother's Day this year.
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Mother's Day is coming up soon on Sunday, May 14, and a bit of planning and creativity can save you money this year.
The National Retail Federation predicts consumers will spend a record $35.7 billion for Mother's Day 2023 with the average person spending around $270. The National Retail Federation says that is the highest amount it has ever recorded. This is nearly $4 billion more than last year’s record high of $31.7 billion, according to the annual survey.
According to the survey, the top spenders for Mother's Day are people between the age of 35 and 44. They're expected to spend an average of around $382.
As seen in previous years, the survey says the most popular gifts to give are flowers (74%), greeting cards (74%) and special outings such as dinner or brunch (60%). The survey says consumers will spend a total of $7.8 billion on jewelry, $5.6 billion on special outings and $4 billion on electronics.
Here are some tips for Mother's Day gifts savings:
- Be intentional with what you buy, don't be impulsive.
- Stick to a budget.
- Get creative. Make sure what you buy (or create, etc.) speaks to mom's interests instead of buying a popular, expensive choice of jewelry.
- Remember, making memories is the best gift you can give them.
