Jewelry Category to Break Another Sales Record This Mother’s Day, Predicts NRF
Mother’s Day 2022 jewelry sales are expected to hit $7 billion, making it the fastest-growing and highest-volume gift-giving category for the second year in a row, according to an annual survey released by the National Retail Federation (NRF).
The jewelry sector’s record-breaking tally is up from $6.1 billion in 2021 and $5.3 billion in 2020. That’s a two-year sales gain of 32%.
Exactly 41% of respondents said they will be buying jewelry for their moms this year. That’s a 6 percentage point increase over 2021. Forty-seven percent of men and 35% of women said they will be gifting jewelry this Mother’s Day.
Jewelry purchases and special outings, such as dinner or brunch, are driving this year’s spending increases, according to the survey, which was conducted by Prosper Insights & Analytics.
“Jewelry remains a timeless gift selection for Mother’s Day and continues to capture an increasing market share,” said Prosper Vice President of Strategy Phil Rist.
Overall Mother’s Day spending is expected to total $31.7 billion this year, up $3.6 billion from a record-setting 2021. The average spend will be $245, which is $25 higher than 2021 and $41 higher than 2020.
Men are expected to budget an average of $308 for their moms, while women are slated to spend $186.
Consumers in the 25-to-34 age range are likely to spend the most on Mother’s Day gifts at $346. That group is followed closely by the 35- to 44-year-olds, who are expected to spend $340.
“Consumers are eager to find memorable ways to honor their mothers and other important women in their lives and are willing to spend a little extra on this sentimental holiday,” said NRF President and CEO Matthew Shay.
According to the survey, there is also a notable uptick in the number of shoppers seeking gifts that cannot be wrapped. Gifts of experience, such as concert or sporting event tickets, will be given by 27% of Mother’s Day shoppers, up from 23% last year and the highest since NRF started tracking this category in 2016.
Finding meaningful Mother’s Day gifts remains a top priority for shoppers. The most important factors are finding a gift that is unique or different (46%) and finding a gift that creates a special memory (41%).
The survey of 8,574 consumers was conducted April 1-11, 2022, and has a margin of error of plus or minus 1.1 percentage points.
Credit: Image by Bigstockphoto.com.