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NRF predicts that US consumers' consumption of jewelry on Mother's Day will increase by 1.5%

May 10, 2020

Latest company news about NRF predicts that US consumers' consumption of jewelry on Mother's Day will increase by 1.5%

The National Retail Federation (NRF) predicts that despite COVID-19 ’s financial pressure, on Mother ’s Day, American consumers ’consumption of jewelry will increase by 1.5%.   The Trade Organization reported last week that Americans will spend 5.27 billion dollars in this category this year, compared with 5.19 billion dollars in 2019. Jewelry will continue to maintain its highest annual revenue status, ranking ahead of outings, electronics, gift cards and flowers.   The average price that customers are willing to pay for each purchase of jewelry is $ 40, which is the same as the previous year. Among them, 41% of men choose this category, and 28% of women. It is estimated that the total expenditure on Mother's Day on May 10 will increase by 7% to reach 26.7 billion US dollars

latest company news about NRF predicts that US consumers' consumption of jewelry on Mother's Day will increase by 1.5%  0

Although the number of people commemorating Mother's Day has decreased this year due to the pandemic pandemic, the people who are celebrating are willing to spend more money. The NRF explained that about 80% of the people who expressed their willingness to celebrate are expected to consume an average of $ 205 per purchase, an increase of $ 8 from 2019.

Phil Rist, executive vice president of strategy at Prosper Insights, which conducted the survey, said: "This year's family situation is unusual." "Some consumers want to make up for this fact, and they can't send mom something special to make up for this year."

Due to the virus, the items consumers will spend have also changed. Categories such as electronics, household goods and gardening tools have grown significantly, while special outings and flowers are no longer popular.

The NRF estimates that spending on special travel is expected to decline by 12% to US $ 4.07 billion, and spending on electronic products will increase by 34% to US $ 2.93 billion. Household items and gardening tools are expected to grow by 35% to US $ 1.51 billion.

NRF said: “Although fewer and fewer consumers say they are planning traditional outings, 46% of consumers still want to celebrate mom through special meals, daytime or other events.” These plans may be more desirable than reality, but they do show that consumers are eager to return to normal in the current era. "

The survey found that 43% of people who plan to buy gifts think that choosing something unique is the most important factor. About 41% of people think that gifts have left mothers with special memories, which is their first consideration when shopping. Due to the outbreak of coronavirus, 25% of the people surveyed think it is important to find a gift that is convenient for them to buy, while 17% are looking for cheap things.

Consumers between the ages of 35 and 44 may spend the most, at an average of $ 296, compared with $ 248 in 2019. The cost of a gift for men is about $ 266, and for women is $ 146.

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