Katherine Cullen, NRF senior director of industry and consumer insights, told FOX Business inflation, which is rising at its fastest rate in more than 40 years, isn't stopping consumers from spending on loved ones.
The average consumer is expected to spend a record $246 on Mother’s Day purchases, according to the data. This spending, Cullen said, is being driven by higher-ticket items such as jewelry and special outings.
For instance, total spending on jewelry alone is expected to hit $7 billion, according to the survey results. Meanwhile, over half of consumers are expected to spend an average of $41 on an outing, like dinner or brunch. "Spending really does seem to be driven by more people purchasing certain types of gifts and really working to make Mother's Day special this year," Cullen said. "There are a lot of different ways inflation is impacting consumers, and we can't make the assumption that people are going to skimp on their moms because of inflation.
"Even if they may be budgeting differently in different aspects of their lives, when it comes to a holiday, they are trying to make that special," Cullen added. She also noted that the pandemic, as challenging as times were, gave consumers the ability to "build up some of their savings, through a variety of avenues," whether it was cutting down on traveling and vacations or commuting costs for work. Between October and December 2021, consumers collectively had $4.2 trillion more in cash compared to the same period in 2019, according to Cullen.
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