Money-saving tips to help you make the day special without credit card debt.
Each week, Consolidated Credit searches for financial research that can help you deal with your debt and budget. This week…
The interesting study
Each year the National Retail Federation conducts a survey to see how consumers plan to spend on Mother’s Day. They’ve been doing the survey since 2003. According to the results this year, Mother’s Day 2018 may break records.
The big result
Roughly 86% of Americans plan to spoil Mom on Mother’s Day 2018, with average spending of $180 per person. That totals up to what the NRF says is near record breaking spending this year at $23.1 billion.
“With spring in full bloom, Americans are looking forward to splurging on their mothers,” explains Matthew Shay, President and CEO of the NRF.
The fascinating details
According to the survey, this is where consumers plan to spend for Mother’s Day 2018:
- 34% of shoppers will buy jewelry for a total of $4.6 billion
- 55% will take Mom to brunch or dinner, for $4.4 billion in total spending
- 69% of consumers will buy flowers, totaling $2.6 billion
- 36% will spoil Mom with new clothes, totaling $2.1 billion
- 14% plan to buy Mom electronics, also totaling $2.1 billion
- 24% will give Mom a spa day for a total of $1.8 billion
- $956 million will be spent by the 19% of people purchasing houseware or gardening tools
- While $494 million will go to the 19% of consumer purchasing books or music
About 77% of people will get Mom a greeting card, too. That totals $813 million. Younger Gen X consumers (age 35-44) plan to spend the most, with average spending at $224 per person.
What you can do
“People tend to go overboard on spending at Mother’s Day,” says April Lewis-Parks, Financial Education Director for Consolidated Credit. “We all want to make Mom feel special, and many people take on credit card debt to do it. But the truth is that spoiling your mother usually doesn’t require such a big price tag.”
In total spending, Mother’s Day spending is second only to the winter holidays. Consumers spend more at Mother’s Day than they do for Valentine’s Day. For instance, the NRF said people will spend $23.1 billion for Mother’s Day 2018, versus $19.6 billion for Valentine’s Day.
“Moms tend to want love, time and special moments with their families,” Lewis-Parks continues. “Giving mom gifts from the heart or gifts of experience can often be more meaningful than giving her something with an impressive price tag.”
Consolidated Credit offers these 8 money-saving ideas for Mother’s Day 2018 to help you spoil Mom while avoiding credit card debt:
- Plan a picnic in the park with food and fun family activities
- Cook Mom’s favorite meal and dessert at home
- Have the grandkids make Grandma handmade gifts
- Load up a decorated digital picture frame with pictures of the family
- Give Mom a plant from your garden in a decorated pot
- Fill a jar with slips of paper celebrating all the things Mom does for the family
- Give her a handmade gift certificate book full of fun outings throughout the year
- Make Mom a playlist of all the songs that remind you of her
“If you do plan to buy something for Mom, don’t wait until the last minute,” Lewis-Parks encourages. “Make sure to order flowers or gifts early to avoid rush shipping charges and look for special coupon codes and sales to keep the cost low. Procrastination tends to push costs up.”