Elliott’s Jewelers in Huntsville Living magazine
Considering a custom engagement ring design but not sure how to start? With so many different styles, settings, and gemstones, it can be overwhelming to
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Mother’s Day 2023 jewelry sales are expected to climb to $7.8 billion, outpacing last year’s tally by 11.4% and outperforming all other retail categories by a wide margin. According to the annual survey released by the National Retail Federation (NRF), Special Outings should come in second at $5.6 billion in sales, while Electronics should rank third at $4 billion.
A look at historical data shows Jewelry on a 16-year tear from $2.1 billion in 2007 to $7.8 billion today. That reflects a total increase of 271%, or nearly 17% per year.
Back in 2007, Special Outings ($3.1 billion) had held first place, with Flowers ($2.3 billion) second. Now, Special Outings ranks second (up 80% since 2007, or 5% per year) and Flowers ranks sixth (up 39% since 2007, or 2.4% per year).
Exactly 44% of respondents said they will be buying jewelry for their moms this year. That’s a 3 percentage point gain over 2020 and an impressive 10 percentage point increase over 2021.
Overall Mother’s Day spending is expected to total $35.7 billion this year, up $4 billion from a record-setting 2022. The average spend will be $274.02 per person, the highest in the history of the survey and up from the previous record high of $245.76 in 2022. The top spenders are those in the 35-to-44 age range ($382.26).
According to the NRF, consumers continue to prioritize thoughtful gifts. Respondents said the most important factors in purchasing a Mother’s Day gift were finding items that are unique or different (47%) or those that create a special memory (42%).
Eighty-four percent of U.S. adults are expected to celebrate Mother’s Day this year. Of that group, most (57%) will be purchasing gifts for a mother or stepmother, followed by a wife (23%) or daughter (12%).
As the leading authority and voice for the retail industry, NRF provides data on consumer behavior and spending for key periods, such as holidays, throughout the year. The survey of 8,164 US adult consumers was conducted by Prosper Insights & Analytics from April 3 to 11 and has a margin of error of plus or minus 1.1 percentage points.
Credit: Image by Bigstockphoto.com.
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