Latest news with #KatherineCullen
The Independent
02-06-2025
- Business
- The Independent
Father's Day spending expected to hit record high despite economic uncertainty
Father's Day spending is expected to hit a record high this year despite Americans facing economic uncertainty. Americans plan to spend $24 billion this year on gifts for dad, and other loved ones, the National Retail Federation discovered in a survey. It said around 48 percent of Americans will buy a gift for their father or stepfather, 25 percent plan to buy gifts for husbands, and 12 percent will get a gift for their sons. On average, consumers are planning to spend $199.38 per person, up almost $10 from last year. 'Americans are embracing meaningful traditions and holidays, and this Father's Day, spending on gifts and other holiday items is expected to reach record levels,' NRF Vice President of Industry and Consumer Insights Katherine Cullen said. The previous record high for Father's Day gift-buying was $22.9bn in 2023. Last year wasn't too far off with $22.4bn spent on the special father figures in Americans' lives. This expected uptick in holiday spending comes at a time when a majority of consumers are having negative feelings about the current and future state of the economy. A poll from April conducted by The Economist / YouGov found that 40 percent of Americans believe the current state of the economy is 'poor.' Around 53 percent of respondents believe the economy is getting worse. The poll was conducted days after President Donald Trump announced sweeping tariffs on all countries, even U.S. allies. He quickly issued a 90-day pause on many tariffs. Inflation has cooled and 177,000 jobs were added in April, but Trump's unpredictable trade policy still concerns economists. What Are People Buying For Father's Day? This year, much like in recent years, 58 percent of consumers plan to buy a greeting card, 55 percent plan to buy clothing, 53 percent plan to spend money on a special outing and 50 percent are expected to purchase gift cards for their loved ones, according to the NRF survey. Two types of gifts, subscription boxes and gifts of experience, have been on the rise in recent years. This year, 43 percent of Americans plan to gift a subscription box for Father's Day, up 34 percent from 2019. And 30 percent of consumers are expected to spend money on an experience to give to their loved ones, a 23 percent increase from six years ago. 'As consumers prioritize Father's Day gifts that are unique or create special memories, categories such as special outings and personal care items have seen an increase in popularity this year,' Prosper Executive Vice President of Strategy Phil Rist said in NRF's press release.
Fibre2Fashion
30-04-2025
- Business
- Fibre2Fashion
US Mother's Day spending to reach $34.1 bn in 2025: NRF
Consumer spending on Mother's Day is expected to reach $34.1 billion this year, according to the National Retail Federation (NRF) and Prosper Insights & Analytics. This figure is up from last year's $33.5 billion and follows closely behind the record of $35.7 billion in 2023. Around 84 per cent of US adults are expected to celebrate this holiday, with average spending per person estimated at $259.04, about $5 more than in 2024. Of those celebrating, 57 per cent are shopping specifically for a mother or stepmother, 23 per cent for a wife, and 12 per cent for a daughter, the NRF said in a press release. Online shopping remains the top destination this year at 36 per cent, followed by department stores at 32 per cent, specialty stores at 29 per cent, and local or small businesses at 25 per cent. 'Mother's Day is an important holiday for many consumers, only surpassed by the winter holidays in terms of average spending. Even in the face of economic uncertainty, consumers continue to celebrate the special women in their lives with gifts and outings,' said NRF vice president of industry and consumer insights, Katherine Cullen. Flowers remain the most popular gift category, with 74 per cent of consumers opting for them, followed by greeting cards (73 per cent) and special outings such as dinner or brunch (61 per cent). Total spending on jewellery is expected to reach $6.8 billion, while $6.3 billion will be spent on special outings and $3.5 billion on gift cards. Spending on flowers is forecast to reach $3.2 billion, and spending on greeting cards is expected to total $1.1 billion. Nearly half of consumers, around 48 per cent, say that finding a gift that is unique or different is most important to them, followed by 42 per cent who prioritise a gift that creates a special memory. Gifts of experience continue to be popular post-pandemic, with 36 per cent of men planning to gift experiences this year, up from 29 per cent in 2019. Consumer spending on Mother's Day 2025 in the US is expected to reach $34.1 billion, up from $33.5 billion last year, according to the NRF. Around 84 per cent of adults plan to celebrate, spending an average of $259.04. Most are shopping for mothers or stepmothers. Online remains the top shopping destination at 36 per cent, followed by department and specialty stores, and small businesses. Fibre2Fashion News Desk (HU)
Yahoo
08-04-2025
- Business
- Yahoo
US Easter spending to rise as holiday cheer defies economic gloom, NRF says
(Reuters) - U.S. consumer spending for Easter is expected to rise about 5% this year as Americans snap up candy and gifts to celebrate despite concerns around high inflation and economic uncertainty, a National Retail Federation report showed on Tuesday. Shoppers are expected to spend around $23.6 billion this year, compared with $22.4 billion estimated last year, the trade body's survey showed, with discount stores once again poised to be the top destination for Easter shopping. Prices of eggs, traditionally used for Easter decor and games, have nearly doubled from last year as avian influenza wiped out millions of hens and led to a shortage of eggs in February. Retail bellwether Walmart left out eggs from its yearly Easter promotional meal kit, shared late last month at a lower price than 2024. President Donald Trump's sweeping tariffs on several trade partners have also raised fears of a recession, casting a pall on consumer sentiment in the United States. However, retailers such as Target and dollar stores that enjoyed an upbeat December quarter thanks to robust Christmas spending have said consumers are expected to shop for Easter with similar interest. "As we witnessed throughout the pandemic, holidays such as Easter are especially meaningful for Americans during times of uncertainty. And we are continuing to see that trend as consumers prioritize their Easter celebrations this year," said Katherine Cullen, NRF vice president of industry and consumer insights. "From other holidays NRF tracks, we know that consumers who are feeling constrained by higher prices or the economy may cut back in other areas, look to sales or find less costly substitutes in order to preserve their traditional celebrations." NRF's forecast said a majority of consumers were expected to shop inspired by tradition to buy Easter-related items, while 36% were also expected to be influenced by sales and promotions. Candy, food and gifts are likely to be at the top of shopping lists this Easter, with consumers seen spending a total of $7.4 billion on food, $3.8 billion on gifts and $3.3 billion on candy, the report said.
Reuters
08-04-2025
- Business
- Reuters
US Easter spending to rise as holiday cheer defies economic gloom, NRF says
April 8 (Reuters) - U.S. consumer spending for Easter is expected to rise about 5% this year as Americans snap up candy and gifts to celebrate despite concerns around high inflation and economic uncertainty, a National Retail Federation report showed on Tuesday. Shoppers are expected to spend around $23.6 billion this year, compared with $22.4 billion estimated last year, the trade body's survey showed, with discount stores once again poised to be the top destination for Easter shopping. Prices of eggs, traditionally used for Easter decor and games, have nearly doubled from last year as avian influenza wiped out millions of hens and led to a shortage of eggs in February. Retail bellwether Walmart (WMT.N), opens new tab left out eggs from its yearly Easter promotional meal kit, shared late last month at a lower price than 2024. President Donald Trump's sweeping tariffs on several trade partners have also raised fears of a recession, casting a pall on consumer sentiment in the United States. However, retailers such as Target and dollar stores that enjoyed an upbeat December quarter thanks to robust Christmas spending have said consumers are expected to shop for Easter with similar interest. "As we witnessed throughout the pandemic, holidays such as Easter are especially meaningful for Americans during times of uncertainty. And we are continuing to see that trend as consumers prioritize their Easter celebrations this year," said Katherine Cullen, NRF vice president of industry and consumer insights. "From other holidays NRF tracks, we know that consumers who are feeling constrained by higher prices or the economy may cut back in other areas, look to sales or find less costly substitutes in order to preserve their traditional celebrations." NRF's forecast said a majority of consumers were expected to shop inspired by tradition to buy Easter-related items, while 36% were also expected to be influenced by sales and promotions. Candy, food and gifts are likely to be at the top of shopping lists this Easter, with consumers seen spending a total of $7.4 billion on food, $3.8 billion on gifts and $3.3 billion on candy, the report said.
