Mother's Day business not blooming this year
Flowers, jewelry and dinner weren't in the cards this year for many mothers, and analysts blame it on the slow economy.Business at Badolato's Florist in Yonkers is usually blooming on Mother's Day, but the owner said many cash-strapped adult children spent less. Some opted to mark the occasion with just a card.
Economists believe the change is due to gas hovering around $4 a gallon in New York, the increased cost of groceries and even a hike in everyday items like bagels.
Recently, Con Edison announced it's seeking a $5 electricity bill hike. Starting Monday, May 12 even the price of a stamp is going up again from 41 cents to 42 cents.
The combination of high-priced goods and services has left many doing more with less for mom. "I still love my mom," said Giuseppe Felice, of Yonkers. "She's still in my heart, but I'm toning it down a little bit."
According to business experts, consumer spending will likely remain sluggish, despite the tax rebate some filers received.