Shoppers searching for Mother's Day gifts make their way through the flower district section of downtown Los Angeles. (Mel Melcon / Los Angeles Times via Getty Images) Mother’s Day is around the corner, and many consumers will hit the stores to find the perfect gift to show their appreciation for their moms.
But a new survey shows many people are cutting back this year on the amount they spend on a special present. Lending Tree conducted an online poll of 2,000 people between the ages of 18 to 77 in April and learned that approximately 57% of respondents said inflation is impacting how much they're willing to spend for Mother’s Day gifts.
Sixty-two percent of millennials (ages 18 to 26) said inflation factors into their Mother’s Day spending budget, followed by Gen Zers (ages 18 to 26) at 56%, Gen Xers (ages 43 to 58) at 52%, and Baby boomers (ages 59 to 77) at 46%. RELATED: US inflation slows to 6.5% over past 12 months, easing some pressureIn 2023, shoppers purchasing gifts for their moms will likely spend an average of $172, representing a 24% dip from $225 in 2022, the survey notes.