Mother’s Day Spending to Hit $23.1 Billion
According to an annual survey by Prosper Insights & Analytics and the National Retail Federation (NRF), Mother’s Day spending will reach a record $23.1 billion this year . Eighty-six per cent of Americans intend to celebrate Mother’s Day. They will spend an average $180 per person. Matthew Shay, NRF President and CEO, stated that this year’s Mother’s Day forecast was one of the strongest ever. With spring in full bloom, Americans look forward to spending on their mothers. Retailers are ready to offer a range of options to help consumers find the perfect gift. With an average $186 per person, this year’s holiday spending would surpass last year’s $23.6billion.
Total Retail’s Consideration: Mother’s Day is often referred to as a Hallmark holiday or “hidden holiday”. This year’s spending is expected to exceed $23.1 billion. According to NRF’s survey, consumers will spend $4.6 billion on jewelry (34% of shoppers purchased it), $4.4 billion for special outings like dinner or brunch (55%), and $2.6 Billion on flowers (69%). Additionally, $2.5 billion will go to gift cards (45%) and $2.1 billion for clothing (36%) while $2.1 billion is spent on electronics (14%) and $1.8 billion for personal services like a spa day (24%). A further $956 million will go to housewares and gardening tools (19%), $813 million for greeting cards (77%) and $494 million for books or music (19%). It will be fascinating to see how moms make their purchases.
According to Phil Rist, Prosper Insights executive vice president of strategy and Phil Rist, “Those aged between 35-44 years are likely to spend the most,” while younger shoppers are more likely to use their online shopping skills to find the perfect gift for mom.
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GNC will close 200 stores this year
GNC announced Thursday that it will close approximately 200 stores in the U.S.A and Canada in 2018. According to the website, there are more than 8,000 vitamin shops worldwide, with approximately 3,300 being corporately owned and located in the U.S. and Canada. The company also has more than 1,000 franchises in the United States and operates shops inside Rite Aid stores. GNC stated that its efforts to negotiate favorable lease terms and relocate stores are ongoing, which could impact the number of stores closing. GNC stated that it expects to open “a limited number” of new stores this year.
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Total Retail’s View: GNC joins Toys”R”Us and Sears in closing down stores this year. The company has been struggling with slow sales and a growing online competition. Its earnings have also been affected by a large network of physical stores that drains resources. GNC hopes to make savings by implementing this cost-cutting strategy. GNC must make progress with its digital business and figure out how to maximize sales at its remaining stores. GNC is on the right track to recovery.