Despite economic pressures and a focus on finding the best deals, UK shoppers are still expected to spend more on Mother’s Day this year compared to 2023.
According to leading data and analytics company GlobalData, total spending is projected to reach £1.7bn ($2.15bn), marking a 1.1% increase on 2023.
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However, GlobalData’s report also reveals a trend of ‘trading down,’ with 41% of consumers planning to spend under £20 on gifts.
GlobalData said this shift in spending habits is attributed to the ongoing cost-of-living crisis in the country, as inflation forces shoppers to be more budget-conscious.
Food and flowers are expected to be popular choices, highlighting a potential preference for more affordable options.
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Retailers urged to adapt
GlobalData analyst Joe Dawson emphasises the importance of retailers adapting their strategies to this changing consumer landscape.
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By GlobalData“Consumers still have tight budgets, and seeking out the lowest prices has become a norm for many. To capitalise on the high participation in the event, retailers must ensure that they are promoting the affordability of their ranges by clearly signposting Mother’s Day deals and discounts online and in-store.”
He advises businesses to:
Clearly promote affordability: Highlighting deals and discounts across various channels (online and in-store) can be crucial in attracting price-sensitive customers.
Offer a range of price points: Catering to different budgets, especially by showcasing value options alongside premium selections, can cater to a wider range of shoppers.
Leverage loyalty programmes: Grocery stores, in particular, can utilise their loyalty programmes to incentivise purchases with exclusive offers and discounts.
By adopting these strategies, retailers can potentially capture a larger share of Mother’s Day spending, even in the face of economic challenges.
While participation remains higher compared to Valentine’s Day, it is still lower than prepandemic levels.
Dawson concludes: “While the proportion of consumers intending to purchase gifts is higher for Mother’s Day than it was on Valentine’s Day, it is still lower than the 65% of consumers that participated in the event in 2023.
“Showcasing high-quality products at affordable prices will be key to appealing to consumers looking to treat their loved ones at a lower cost and capturing greater spend closer to the date.”
