MoneyMagpie

Mar 20

Why spoiling our mothers is boosting the high street

Guest article from Gerald Grimes, Managing Director, Hitachi Capital Consumer Finance

Why spoiling our mothers is boosting the high streetThe earliest history of Mother’s Day dates back to the ancient annual spring festival the Greeks dedicated to maternal goddesses. In the UK, Mother’s Day dates back to 1600s when “Mothering Sunday” was celebrated annually on the fourth Sunday of Lent. After a prayer service in church to honour Virgin Mary, children brought gifts and flowers to pay tribute to their own mothers.

Several centuries on, and people across the UK still recognise the date, spending the day with their mothers when possible, or splashing out on gifts to celebrate the day. Mother’s Day provides a major boost for the high street, and last year Brits spent almost £1bn on gifts and treats around the weekend.

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People are also increasingly open to the wide array of financial lending and credit options available, meaning that they can buy the gift they want in store, paying it back in manageable amounts. Hitachi Capital tracked that total applications for retail finance in the week leading up to Mother’s Day 2016 were up 15.18% from the same period in 2015, while jewellery sales specifically increased by more than 2%.

Jewellery is becoming an increasingly popular gift for Mother’s Day, with the total number of applications for jewellery credit up a substantial 9.9% on the average week in March as more people pick out expensive gifts for their mothers.

The surge in retail applications at the time of year indicates that Brits still have a soft spot when it comes to their mothers, and treating them with special gifts to say thank you. We’ve also seen a rise in personal loan applications, up 15.45% from the same time period in 2015, which highlights consumer confidence in responsible lending.

Gerald Grimes is the Managing Director of Hitachi Capital Consumer Finance. For more information, visit https://www.hitachicapital.co.uk

 

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