By Brian RedheadMothers Day is quickly approaching and in recent years everyone prepares to spend hundreds on the one that gave them life. This year however with the economy in a slump some consumers and retailers are concerned that spending will be greatly reduced. In fact it is estimated that spending for Mothers will be as much as 11% less than from previous years (Waters).
In a recent survey conducted by the National Retail Federation, it was found that 4 out of 5 Americans will participate in gift giving for Mother’s Day, but admit that they will be shopping at discount stores to save money (Business First). All of the common gifts will still be sought during this busy Mothers Day season; however the amount of money spent on each gift is proposed to be reduced. According to an article published in the Business First journal, the average spent on flowers in a normal year is $2 billion, $2.3 billion on jewelry and $1 billion on clothing and/or personal items. Those average spending patterns are not expected this year and armed with this information retailers are looking for ways to help consumers still purchase gifts and enjoy Mothers Day with budget friendly gifts. Items that are being targeted in the down turned economy are more practical gifts such as apparel, digital cameras and books. This move on the part of retailers not only assists the consumers, but also their financial stability. By preparing for a slower Mother’s Day rush and providing gifts that are affordable, these retailers are protecting their best interests as well (Reidy).
Mothers Day is a very important holiday to most because it signifies one day where they can honor that special lady that gave them life. While mothers are known for their understanding, it is still customary to receive gifts and retailers are gearing up for a decrease in revenue this holiday season.
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