Poll: Consumers will scrimp this Mother's Day
Forget the dozen roses and the $24 box of chocolates. Strapped by high prices, consumers are expected to scale back on Mother's Day this year and opt for cheaper nosegays and M&M's instead of the pricier gifts they usually lavish on mom.
So suggests the National Retail Federation, a trade group of retailers headquartered in Washington D.C.
According to a new survey commissioned by the group and out today, it is estimated that consumers will spend an average of $138.63 this year on Mother's Day-related fare, versus an average of $139.14 last year.
"Mom has been saying for decades that it's the thought that counts on Mother's Day, and this year, kids might actually be listening," Tracy Mullin, president and chief executive of the retailers group, said in a statement.
The survey was conducted for the federation by BIGresearch, an Ohio-based firm specializing in consumer market intelligence.
"Consumers will be very cautious with their wallets this Mother's Day, heeding mom's advice that she really doesn't need much," Phil Rist, a BIGresearch vice president, said in a statement. "Gas prices and other economic issues will still be at the forefront of people's minds as they shop around for the perfect gift for mom."
Despite all the gloom and doom, the retailers group projects that US consumers will spend $15.8 billion on Mother's Day related purchases this year - an amount that adds up to a lot of M&M's.
(By Chris Reidy, Globe staff)
