Mother’s Day spending expected to reach record
As inflation drives up the price of goods, consumer spending on Mother's Day is forecast to hit a record $38 billion, according to the latest annual survey from the National Retail Federation.
That number continues a broad uptick in spending for the spring holiday, and it beats the previous record of $35.7 billion spent in 2023. This year’s projection also marks a jump from the $33.5 billion spent in 2025 and $34.1 billion spent in 2025.
“Mother’s Day remains a priority for many Americans, and they plan to lean into the holiday despite current economic uncertainty,” NRF chief economist and executive director of research Mark Mathews said in a press release.
Whether buying for a mother figure, spouse or child, 84% of the 7,877 adults surveyed plan to celebrate this year’s celebration on May 10th, spending a record average of $284.25 on gifts per person. In 2023, that average was $274.02 per person. Most people said they planned to shop either online or at a department store, with 29% heading to specialty stores and 26% spending at discount stores.
As for what consumers are buying, 75% said flowers, 74% said greeting cards, and 63% plan on covering dinner or brunch. Although just 45% said they were buying jewelry, the category still included the leading $7.5 billion share of total spending.
Architecture firms report strong billings
Architecture firms reported solidifying business conditions in March as the latest AIA/Deltek Architecture Billing Index hit a roughly three-year high.
The data that measures the number of invoices that architecture firms send to clients clocked in at 49.8, just a hair away from the 50 points threshold that signals stability in the bills sent. Anything over 50 indicates an increase in billings. The last time billings hit 50 was nearly three years ago in July 2023, although the metric closed out the year with a score of 45.4.
But industry experts moderated expectations. While new project inquiries continued rising to 56.8 and firm backlogs hit another three-year high, design contracts posted its 25th-straight month of contraction, dipping to 47.8.
“While billings could soon see positive growth for the first time in three years, ongoing economic and geopolitical challenges, such as the Iran conflict and labor shortages, pose significant risks to recovery,” said Richard Branch, chief economist for the Washington, D.C.-based trade group. “These external issues will have a significant impact on the health of construction activity in both the near and long term.”
On a regional basis, firms in the West were the only ones to report billings above 50, coming in at 50.6. Design firms in the Midwest clocked in at 49.4, those in the South reported 48.5, and Northeastern firms came in at 44.2.
Best Buy announces CEO succession plan
Best Buy said that current CEO Corie Barry will step down later this year and be replaced by Jason Bonfig, the retailer's current chief customer, product and fulfillment officer.
The announcement comes as the consumer electronics retailer has struggled in recent years, said GlobalData retail analyst and managing director Neil Saunders in a LinkedIn post. After a pandemic-era strategy that “was one of the best in retail,” Best Buy “has struggled,” Saunders wrote. “Performance has not been terrible, especially on the bottom line, but Best Buy has lost relevance with customers and has lost market share as a result.”
Some of that slipping interest also stems from its more than 1,000 brick-and-mortar stores spread across North America, Saunders added. The locations “feel dated,” he said. “Shops are not pulling in people like they once did.”
Bonfig is scheduled to take over the new role on Oct. 31, according to a Best Buy press release. At that time, Barry will step down and spend six months as a strategic adviser, ending her almost seven-year tenure as the company's first female CEO.