Mother's Day Spending Expected To Reach Record $31.7 Billion This Year
MIAMI (CBSMiami) -- Mother's Day is on Sunday, May 8 and approximately 84% of adults in the United States will celebrate, according to a survey from the National Retail Federation. Unfortunately, gifts for mom will cost you more this year.
At Mulberry Row floral boutique in Sherman Oaks, California, Robin Snyder is gearing up for the usual Mother's Day rush. But this year, there's one major difference—the cost of flowers. "It's gone up tremendously," she says. "What used to cost me $20 can sometimes cost me $42."
Snyder says supply issues are also making items needed to assemble floral arrangements hard to come by. "You used to never even have to worry about a vase and now it's like, ok, I can't get that vase how do I substitute," she says.
Patrick Penfield, a professor of supply chain practice at Syracuse University, says it's not just flowers. Buying mom jewelry will cost more too.
"Unfortunately, metal prices skyrocketed, so, you know, if you're looking at buying any gold, any silver you're probably gonna pay anywhere from 35% to 40% more than what you paid last year," he says.
The National Retail Federation (NRF) says mother's day spending is expected to total 31.7 billion dollars, that's up 3.6 billion from last year. Consumers are expected to spend a record average of $245 each.
Special outings such as dinner or brunch are also driving this year's spending increases. "With restaurants, prices are going to be higher, you're probably gonna see smaller portions," Penfield says.
In addition to flowers, cards, and jewelry, the NRF says there is an uptick in the number of consumers seeking experience gifts like concert or sporting event tickets.