Mother’s Day spend to grow 2% - USA
ChainStoreAge.com - Apr 29th 2015, 09:36
New York – Consumers might be a little nicer to Mom this year than last year. IBISWorld expects total Mother’s Day spending to reach $20.8 billion, representing an increase of 2% from 2014 spending, and an annualised increase of 6.5% since 2010.
Average household spending on Mother’s Day is also set to grow, with the standard family shelling out an estimated $169.21, representing a 4% increase from the 2014 average.
An improving economy is expected to boost retail spending across eight of the 10 most popular product categories for Mother’s Day. Additionally, with an increasing proportion of revenue generated from online establishments, cash-rich, time-poor consumers are expected to make use of online retailers, increasing the share of revenue generated by online sales to an estimated 30% to 35%.
During the five years to 2015, Mother’s Day spending on consumer electronics has outpaced growth in spending on every other gift category. IBISWorld expects spending on electronics to grow 1% to $1.8 billion, representing an annualised increase of 12.9% during the five years to 2015. The increasing popularity of smart phones and tablets has made electronics a favoured gift choice for mom, and IBISWorld expects this trend to continue gaining traction in the years to come.
Spending on special Mother’s Day outings, such as dinners and brunches, is estimated to grow at the second-highest annualised rate of 10.1%, while jewellery is estimated to grow at the third-highest annualised rate of 8.7%. Spending on these two product categories is expected to account for 19.2% and 18.5% of total Mother’s Day spending in 2015, respectively. Personal services are expected to come in at a close fourth, with spending expected to increase at an annualised rate of 6% over the five years to 2015. Spas have become increasingly popular with consumers, which will likely make massages and facials hot gifts for mom this May.
Among the retail establishments set to benefit from rising Mother’s Day spending, specialty stores and department stores lead the pack. In 2014, these two industries accounted for 33.5% and 32.4% of total Mother’s Day sales, respectively. Specialty stores include florists, jewellery stores, greeting card stores, and other retail establishments selling niche products. IBISWorld expects spending on flowers to increase the most, by 4.2%, in 2015. Overall, the share of sales generated by specialty stores is expected to increase this year.
There are two Mother’s Day gift segments that are expected to decline this year: greeting cards, by a respective 1%, and housewares and gardening equipment, by a respective 1.8%. Revenue generated by brick-and-mortar stores selling greetings cards for Mother’s Day is expected to fall this year, as retailers will be forced to compete on price.From ChainStoreAge.com
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