Inflation has caused prices of traditional Mother's Day gifts to increase, potentially affecting retailers as consumers are cutting spending across the board.
Tuesday, May 16, 2023
Inflation has sent prices for many goods through the roof, and the prices of traditional Mother’s Day gifts are likewise suffering from an inflation-induced price increase. The process of many items are up across the board, with some items more affected than others, according to an INSTORE Magazine report.
For shoppers looking for a deal, sparkling wine and scented candles have been the least affected by inflation, according to INSTORE Magazine, referencing data insights from Catalina’s Shopper Intelligence Platform. Premium candy, cut flowers, and fragrances, however, have risen in price at a rate beyond the 8% rate of inflation.
Whether this has a negative effect on retailers like florists, who make a substantial percentage of their annual holiday revenue from Mother’s Day purchases, remains to be seen. Consumers are cutting spending across the board, however, and Mother’s Day is the second most popular holiday for gifts in the US, after Christmas. A Mother’s Day that brings in significantly less than the $37.5 billion the National Retail Federation expects Americans to spend can spell trouble for retailers that depend on the holiday.
