Time for breakfast in bed, fresh flowers and a significant uptick in consumer spending. It's Mother's Day.
According to a recent report from Foursquare, the National Retail Federation found that the average consumer spends $186 on Mother's Day, leading to $23.6 billion in total annual spending for mom's celebrations each and every year.
While there's a lot to be grateful for each and every Mother's Day, retail companies have an additional influx of business sure to make celebrating mom even sweeter, Foursquare's data location surveys show.
For example, Foursquare found that, at two of the top card store chains, Hallmark and Paper Source, there's an increase in foot traffic of a whopping 107% in the week leading up to the day compared to the average week. On the day before Mother's Day, traffic spikes 195%, and on the day of, traffic soars 153%.
It's not just cards moms are getting, though. Foursquare found that traffic at flower shops jumps 30% on Mother's Day compared to the average day. The National Retail Federation estimates consumers spent $2.6 billion on flowers alone for Mother's Day last year.
Loved ones shopping for jewelry appear to wait until the last minute for Mother's Day shopping. While traffic increases 4% in the week ahead of Mother's Day at jewelry stores, it jumps 17% the day before the big day and 21% on the day. All in all, consumers spend about $5 billion on jewelry for Mother's Day, NRF found.
While we spend a little extra to celebrate mom every year, it's also worth noting just how much mom spends on us the other 364 days of the year. Mothers control 85% of household purchases and boast a spending power of about $2.4 trillion, Foursquare said.
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And their shopping habits matter.
Foursquare found that price-conscious moms are more likely to spend time at the likes of Dunkin Donuts (DNKN) or Party City (PRTY) , while luxury moms frequent Starbucks (SBUX) and JW Marriott (MAR) hotels. The two groups overlap at places like Target Corp. (TGT) , TJ Maxx (TJX) , Ulta Beauty (ULTA) and other mid-level retailers.