Rising inflation is likely to increase your spending on Mother’s Day gifts, according to recent surveys. The cost of most things has risen significantly in recent months, with expenses increasing by 5% YoY in March, according to the latest Consumer Price Index (CPI), which measures inflation.
The National Retail Federation forecasted that this year, shoppers would spend a record $274.02 per person, totaling $35.7 billion on gifts for mothers. This is an increase from the previous record high of $245.76 in 2022.
Although the prices of popular Mother’s Day gifts have risen across the board, some have increased more quickly than the CPI. For example, the cost of a premium box of candy has risen 18% compared to last year, while flowers are up 10%, according to a recent survey by Catalina, a shopper intelligence platform.
For shoppers looking for value options, a bottle of sparkling wine has only risen by 5% to $12.79 in Q1 2023, while scented candles offer a better bargain as they have only increased by 7% to $7.50 during the same period.
“Inflation isn’t impacting the major Mother’s Day gift categories equally,” said Sean Murphy, Chief Data and Analytics Officer at Catalina. “For example, the cost of Premium Box Candy, Cut Flowers, and Fragrances are all trending higher than the Consumer Price Index’s 8% rate of inflation for grocery store purchases in March 2023.”
If you are struggling to pay off your credit card debt, you could consider getting a personal loan at a lower interest rate. Credible can help you compare options from different lenders all in one place without affecting your credit score.
The Worst Mother’s Day Gifts to Avoid Giving According to a recent Slickdeals survey, the good news is that 73% of surveyed mothers said they are very excited about a gift regardless of the price. However, there are exceptions, as the excitement wanes with gifts like toilet paper, snarky teen attitudes, and a raccoon, some of the worst gifts ever received according to mom respondents of the survey.
Most shoppers (59%) plan to stick to food items, while 54% said they are gifting their mothers personal care products or clothing and shoes. Additionally, 48% said they would buy accessories, including jewelry, and 38% are sticking with gift cards this Mother’s Day.
Not surprisingly, the impact of inflation is a concern, and that’s why many respondents said they planned to spend the same amount or more than they did last year on Mother’s Day.
If you are interested in budgeting for holiday spending, keep reading. If you need financing options for larger purchases, you can visit Credible to compare interest rates on a variety of financial products without affecting your credit score.
