By Chris Curtin
July 17, 2017 – It’s that time of year again—spring has sprung and April showers have given way to May flowers, which signals that it’s time to take a moment to celebrate our loved ones: Mother’s Day, Father’s Day and graduation season represent three occasions ripe with opportunities for giving. Naturally, I’m keeping my eye out for how that translates into the way consumers spend.
Let’s look at Mother’s Day first, as it’s just around the corner. By May 14, kids, grandkids and parents will have spent a projected $23.6 billion, according to the National Retail Federation (NRF).1 Father’s Day numbers aren’t quite as steep—the 2016 report projected a total spend of $14.3 billion (the NRF has yet to release predictions for 2017).2 Similarly, last year’s projected total spend for graduation came in at $5.4 billion.3 All in all, no small sum for three key annual moments.
When Visa analyzed our own historical spend data over the months of May and June, we noticed spikes in spend over key weekends like Mother’s Day and Father’s Day. We crunched the numbers to help us better understand where and how consumers spend their money during that time period. Here’s what we found: Restaurants and quick-service restaurants saw a 33% jump in Visa spend from 2015 to 2016. Looks like celebratory meals on Mother’s or Father’s Day or for graduation are only becoming more popular and standard over time. With growth like that in mind, restaurants can hedge their bets that treating a loved one to a meal out will continue to trend throughout the 2017 season.
Take a look at the chart below to see other areas of growth for Visa transactions during moms, dads and grads season.