Mother’s Day is going to cost you more this year. Here are the areas with the biggest price hikes

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Mother’s Day is going to cost families more this year as the price of dining out and gifts increases.

The holiday, which falls on Sunday May 10 this year, is a century-old tradition to celebrate some of the important women in everyone’s lives. But if you are planning to skip the handmade card and splurge on jewelry or other gifts, be prepared to spend more.

A complete Mother’s Day package with flowers, jewelry, chocolates, a spa treatment, perfume and a card will cost an average of around $543, compared to $514 the year before, USA Today reported, citing data from CouponFollow. That’s a 6 percent price hike.

If you add a celebratory restaurant meal, you’ll spend an extra $67 on average, according to a Wells Fargo Agri-Food Institute analysis, cited by the publication. That same restaurant bill cost just $64 last year — a 4 percent year-over-year increase.

Mother’s Day is going to cost families more this year as the price of dining out and gifts increases (Getty Images)

The National Retail Federation announced last week that Mother’s Day spending is expected to hit a record $38 billion this year. Last year, consumers spent around $34.1 billion on the holiday.

Affordability has been a growing issue for Americans in recent years, but that hasn’t stopped them from celebrating their loved ones.

“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 recent press release.

Consumers are expected to spend a record $38 billion on Mother’s Day this year (Getty Images for Macy’s)

Spending on flowers and jewelry, priced under $500, both increased 7.3 percent in the past year, according to CouponFollow’s analysis. Chocolate and candy saw a 7.2 percent price hike. Perfume and cards only increased by 1.1 percent.

The restaurant industry has seen price hikes mainly because of labor costs.

“The restaurants need to compete to maintain those workers,” Michael Swanson, chief agricultural economist at Wells Fargo’s institute, told USA Today.

The cost of goods has remained high as Americans deal with stubborn inflation. The Consumer Price Index, which tracks the cost of goods and services over time, rose 0.9 percent in March from February, and the annual inflation rate hit 3.3 percent.

Inflation soared last month largely due to rising energy costs amid the Iran war. But the price of goods, without factoring in food and energy costs, was still up 2.6 percent year over year, according to government data.

A new Gallup poll found that a record 55 percent of Americans say their financial situation is getting worse.

This is the fifth consecutive year where more Americans believe their finances are getting worse rather than better, similar to Americans’ economic concerns during the Great Recession in the early 2000s, Gallup said.

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