Don’t forget—Mother’s Day is coming up soon. While there’s still plenty of time to figure out what to get her, you might want to skip going out to eat for a few meals, because it’s been predicted to be a record high year for Mother’s Day spending.
Mother’s Day shopping projections
Over the past decade, the amount consumers spend on Mother’s Day has historically risen each year, except for 2009 and 2014. This year, per the National Retail Federation’s annual survey, shoppers are planning to spend$186.39 on average. In 2016, planned spending for Mother’s Day was expected to peak at $21.4 billion. This year the projection has increased by $2.2 billion to $23.6 billion, setting a new record and matching the largest rate of increase from 2011 to 2012.
While the variety of gift options remains the same, the popularity of some of them has risen more than others. So, what’s a mom likely to receive this year? The biggest category to keep an eye on is jewelry, as consumers plan to spend $5 billion, up 19 percent from 2016. The gift of an experience such as a concert or a vacation has become more popular as well, with a 4 percent increase to 28 percent of people wanting to receive such a gift this year. Department stores should also expect considerable business, as 35 percent of consumers plan to search for the perfect gift in stores.
How retailers can prepare
Armed with this information, how can retailers get ready for the this year’s day of maternal acknowledgment?
As omni-channel presence becomes increasingly prevalent, the tech-savvy consumer will want to research gifts online prior to or during their in-store visit or pickup. Providing seamless experiences across both in-store and online (especially mobile) channels will greatly increase the chance of checkout. Any bumps or difficulties during their online browsing can instantly turn a consumer away from your site and onto competitor’s. As the boundary between online and offline is blurred more and more, a smooth transition from one to the other is essential. Ensuring a frustration-free process will keep customers engaged and result in a positive experience.
And last but not least, don’t be like the last-minute shoppers who forget about Mother’s Day. Associated promotions and discounts are always welcomed by consumers, especially when they include bundles of multiple gift options. A few years ago, we recommended bundling gift cards with big purchases. This year, with the projected popularity of jewelry as a gift item, it would be a great idea to bundle a greeting card with a necklace or earrings. That’s just one idea—prepare a variety of simple yet thoughtful bundles for consumers to easily pick from and take with them to that brunch with Mom. Flowers and greeting cards are the most purchased gifts, so selling them together will make it easier for those who might otherwise overlook the occasion.
Looking for more insights on key shopping holidays? Quad Analytix allows you to easily visualize seasonal competitive pricing and assortment trends to better plan your strategy.