Fashion retailers can expect a cash bonanza within the next few days – here's why and how much.
Australians are expected to spend over $1.4 billion indulging their mums this year – an increase of 2.9 per cent on 2013, according to fresh figures released by research firm IBISWorld.
Clothing and accessories retailers, specifically, are expected to rake in approximately $107.7 million of that sum in total – an increase of 1.7 per cent on spending in this category last year.
IBISWorld expects department stores, shoe shops and accessory retailers to benefit the most from Mother’s Day spending on fashion, with luxurious scarves, winter gloves and premium small leather goods predicted to be popular gift choices.
Spending on jewellery, however, is set to eclipse this slightly, with consumers expected to spend approximately $121.7 million in that category.
IBISWorld anticipates spending on jewellery to increase by 3.5 per cent this year to $125.9 million, with earrings, fashion necklaces and sterling silver expected to be the most popular.
Robust consumer sentiment, healthy disposable incomes and low unemployment are expected to contribute to increased spending on Mum this year, according to IBISWorld Australia general manager Dan Ruthven.
IBISWorld anticipates that Australians will spend an average of $61.31 on their mothers in the lead-up to May 11, up from $60.47 in 2013 and more than twice the average spent in anticipation of Father’s Day.
“There are many reasons why spending on mothers is higher than spending on fathers, including the perceived lack of gift options available for Dad. Whereas food, alcohol, sporting goods and the stalwart hankie and sock gift pack are seen as the presents of choice for Dad, Mum enjoys a far broader selection from bouquets to bottles of champagne, perfume and spa treatments,” Ruthven said.
While fashion retail is tipped to take a small slice of the spending, however, homewares and electrical goods are likely to grow the most – increasing by 4.7 per cent from 2013 to top $56.0 million.
Mother’s Day spending
|
Category |
2013 spending ($ million) |
2014 spending ($ million) |
% growth |
|
Cafes and restaurants |
298.0 |
310.8 |
4.3% |
|
Flowers |
193.4 |
199.2 |
3.0% |
|
Gift vouchers and cards |
134.3 |
137.2 |
2.2% |
|
Cosmetics, perfume and toiletries |
131.9 |
136.1 |
3.2% |
|
Pampering |
123.6 |
126.3 |
2.2% |
|
Jewellery |
121.7 |
125.9 |
3.5% |
|
Clothing and accessories |
105.9 |
107.7 |
1.7% |
|
Greeting cards |
58.5 |
58.7 |
0.4% |
|
Homewares and electrical goods |
53.5 |
56.0 |
4.7% |
|
Chocolate and confectionery |
43.7 |
45.2 |
3.5% |
|
Other |
134.3 |
136.9 |
1.9% |
|
TOTAL |
1398.8 |
1,440.0 |
2.9% |