Mother's Day spending is forecast to reach a record $38 billion, an 11% increase from the previous year.
According to the National Retail Federation, rising costs for dining out, flowers, and jewelry have not deterred consumers from celebrating the holiday.
Key Details
Dining Out
The cost of restaurant meals rose 3.8% in March year-over-year, double the rate of grocery price increases. Despite this, reservations on Resy were up nearly 30% compared to the same period last year; OpenTable reported double-digit increases.
Flowers
Prices for flowers and plants increased 7.5% year-over-year. Two-thirds of florists surveyed by the Society of American Florists expect sales to rise or remain steady; many are offering value-focused options such as grab-and-go bouquets.
Egg Prices
Retail egg prices dropped nearly 45% in March compared to a year earlier, benefiting brunch-oriented restaurants. However, beef prices rose over 12% due to historically small cattle herds.
Gas Prices
Rising gas prices (up more than $1.50 per gallon since the war in Iran began) are affecting weekday restaurant traffic but have not significantly impacted holiday spending.
Economist Commentary
"A home-cooked meal is significantly cheaper than dining out for Mother's Day, but consumers continue to prioritize restaurant visits for the occasion."
— Michael Swanson, chief agricultural economist at Wells Fargo