Mother’s Day is undeniably a big contributor to the economy. Restaurants are packed at lunch, flowers and overpriced greeting cards are bought, and then there is the gift. It all adds up. But what exactly does Mother’s Day actually contribute to the economy?
Sunday, May 12, 2024 will be a big spending day. According to the National Retail Federation (NRF), the 2024 total spend is tallied up at $33.5 billion. That is projected to be $254 per person when added up. According to the NRF report, this was the second-highest spending expectations in the survey’s history — just shy of 2023’s record $35.7 billion and $274.02 per person.
Mother’s Day is not spread out equally among age groups either. The NRF also showed that the highest expenses are between the ages of 35 and 44 with an average budget of $345.75 for the day.
Should fathers feel left out? It may not be a surprise, but Mother’s Day brings a larger spending budget than Father’s Day. While we do not have the 2024 Father’s Day survey yet, we can compare what the NRF forecasts were in 2023 — $35.7 billion and $274.02 per person for Mother’s Day versus $22.9 billion or $196.23 per person.
Based on the 2023 survey, the planned spending on moms was about 56% higher than it was for dads. It’s really not that surprising. After all, dads might just prefer a day of quiet and a six-pack rather than a full-blown day out at a crowded restaurant. And you know you don’t have to buy dad flowers and a card (he’ll tell you they are overpriced!).
If you ask most dads whether the big spending should be on him or on mom, he will probably tell the kids to spend it on mom instead.
