May 5, 2022

Economics Expert Says Mother’s Day Spends A Lot; just after christmas

What’s the key to understanding the economics of Mother’s Day?

Almost everyone has a mother.

“It’s a little different from, say, Valentine’s Day, where you definitely want to connect with your Valentine, but everyone has a mother,” said Lee McPheters, an economics professor at Arizona State University. . “Valentine’s Day, surprisingly, isn’t as important as Mother’s Day.”

Changes in consumer spending during the holidays provide some insight into how consumers feel about the economy.

McPhetersresearch professor at the WP Carey School of Business and director of the school’s JPMorgan Chase Economic Outlook Center, looked at Mother’s Day spending projections for this year.

“It’s one of the biggest vacation expenses as far as the consumer is concerned,” McPheters said.

The National Retail Federation are the consumer spending gurus. They predict a 10% increase over last year: $31 billion nationally.

Arizona’s share is about $600 million. It’s spread across flowers, cards, outings, jewelry and meals — “exactly what you’d think,” McPheters said.

Perhaps unexpectedly, electronics has joined this list over the past five years. “Mom has become a little more tech-oriented,” he said.

Forty percent of married men also shop for their wives, according to the National Retail Federation.

“If you are a man, you kind of have a double expense; you buy for your mother, you buy for your wife, McPheters said. “And another thing that the data shows is that the most active spenders are surprisingly young people. Young people buy for their mothers, they buy for their grandmothers. That 18-24 age group is really there when it comes to spending on mom.

The national expenditure per person is $245. (Last year it was $220.) That’s a pretty high number, but the flowers and dinner add up.

“What interests us is that there is a lot of discussion at the national level about ‘are we on the verge of a national recession? “, he said. “Typically, spending would be either flat or even declining.”

Inflation plays a role, but there is nevertheless an increase in Mother’s Day spending. No one acts like we’re in a recession, at least when it comes to mom.

Dad, however, is another story. He can expect about $20 billion this year (Arizona’s share: $400 million).

Both do better than Halloween, at $10 billion. You can’t spend a lot of money on sweets, and not everyone dresses up on All Saints’ Day. Of course, Christmas remains the $800 billion gorilla in the room.

Top photo courtesy Pexels