The really merry retail news for the month of May is that consumers will spend $13.8 billion on Mother´s Day 2006. The even better news for smaller retailers, according to the National Retail Federation (NRF), is that most Mother´s Day spenders expect to shop for their Moms in specialty stores instead of discount and department stores.
The nearly $122.16 that Joe and Jill Average American expect to fork over to celebrate their Mommas is an increase from the $104.63 they spent last year.
One explanation for the spending hike is that people other than offspring plan to buy Mother´s Day gifts this year. Husbands (20.7 percent) will buy Mother´s Day gifts for their wives. Parents (9.1 percent) will buy gifts for their daughters who also are Moms, for their grandmothers (8.5 percent), their sisters (7 percent), friends (7 percent) and other relatives (12.3 percent).
Speciality shops — greeting card and gift stores, florists, jewelers and electronic stores — are where 38.2 percent of consumers plan to make their Mother´s Day purchases, followed by department stores, 29.2 percent; discounters, 25.6 percent; online retailers, 16.9 percent; specialty clothing stores; 5 percent; and catalogs, 3.4 percent.
Finally, a goof. In an Easter blog posted earlier this month, I reported that Mother´s Day is the fourth biggest spending period after the December holidays, back-to-school buying and Valentine´s Day. Oops, I had it wrong. Mother´s Day, according to the NRF, now comes in third, ahead of Valentine´s Day, which takes fourth place — even better news for the bottom lines of May.
Next, find out what people plan to purchase to please their Moms.