Tributes to mothers take a budget cut
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Sorry, Mom.
Consumers are planning to trim their Mother’s Day giving this year, according to a National Retail Federation survey. Shoppers will spend an average of $138.63 this year, compared with $139.14 last year, the survey found. Total spending is expected to stay roughly unchanged at nearly $15.8 billion.
Popular gifts include a special dinner or brunch (representing $3 billion in spending), jewelry ($2.7 billion), flowers ($2 billion) and clothing and accessories ($1.4 billion).
“Consumers will be very cautious with their wallets this Mother’s Day, heeding Mom’s advice that she really doesn’t need much,” said Phil Rist, vice president of strategy for Bigresearch, which conducted the survey for the retail group. “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.”
Mother’s Day is May 11.
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