Rising inflation may add to what you'll spend on gifts this Mother's Day, according to recent surveys.
Overall prices for most things have risen exponentially in recent months, with costs up 5% year-over-year in March, according to the latest Consumer Price Index (CPI), a measure of inflation.
The National Retail Federal forecasted that shoppers will spend a record $274.02 per person, a total of $35.7 billion on gifts for moms this year. That's an increase from the previous record high of $245.76 in 2022.
While the costs for popular Mother's Day gifts have risen across the board, some increased faster than the CPI. For example, the price of a premium box of candy has surged 18% over last year's costs and 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 rose only 5% to $12.79 in the first quarter of 2023. Scented candles also offer a better bargain since they rose 7% to $7.50 for the same period.
"Inflation isn't impacting the major Mother's Day gift categories equally," Sean Murphy, Catalina chief data and analytics officer, said in the report. "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're having trouble paying off 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.
HERE'S WHY CONSUMERS' CREDIT SCORES GOT A BOOST IN MARCH: REPORT
The good news is that 73% of moms surveyed said they get very excited about a gift regardless of the price, according to a recent Slickdeals survey.
"There are exceptions, however," Slickdeals said. "According to mom respondents of the survey, that excitement wanes with gifts like toilet paper, snarky teen attitudes and a raccoon, some of the items that made the list for worst gifts ever received."
Most shoppers (59%) plan to stick to food items, while 54% said they are gifting their mom 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 why many respondents said they planned to spend the same amount or more than they did last year on Mother's Day.
Keep reading to learn about how you can budget for holiday spending. If you're interested in financing options for larger purchases, you can visit Credible to compare interest rates on a variety of financial products without impacting your credit score.
MANY AMERICANS STILL OPTIMISTIC ABOUT HOMEBUYING DESPITE TOUGH ECONOMIC BACKDROP: TD BANK
Mother's Day isn't just about gifts you can buy. Many moms value things like quality time over expensive gifts, according to a LEGO Group and Moonpig survey.
For instance, 42% of moms said they would love more free time to enjoy simple pleasures like reading a book or watching TV. With so much uncertainty over where the economy is headed, some may be looking to stick to a budget and not overspend.
"Before you drop a ton of money on flowers, chocolates, massages and another robe or pair of slippers, know there's plenty you can give to your mom that costs little to nothing," LendingTree chief credit analyst Matt Schulz said in a statement. "Something as simple as a heartfelt phone call, a longer-than-usual in-person visit, a homemade gift or a creative presentation of old family photos can be a wonderful gift without breaking the bank."
If you are dealing with unexpected expenses, you could consider using a personal loan to pay down debt at a lower interest rate. By visiting Credible, you can compare multiple lenders at once and choose the one with the best interest rate for you.
PROPOSED CREDIT CARD LATE FEE REDUCTION COULD COST SOME CONSUMERS MORE, SURVEYS SAY
Have a finance-related question, but don't know who to ask? Email The Credible Money Expert at moneyexpert@credible.com and your question might be answered by Credible in our Money Expert column.
