Mother's Day spending will reach record high, driven by jewelry

Mother's Day spending is expected to reach a record high of $23.6 billion, according to the National Retail Federation, with spending on jewelry driving the increase. Last year's total was $21.4 billion. Shoppers are expected to spend an average of $186.39, up from $172.22 last year. Jewelry sales are forecast to reach $5 billion, up 19%, with personal services up 15% from last year to $1.9 billion. Outings like dinner or brunch are expected to reach $4.2 billion, and flowers are expected to total $2.6 billion. The SPDR S&P Retail ETF is down 2.3% for the year to date while the S&P 500 index is up 5.9% for the period.

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