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TORONTO, ONTARIO--(Marketwire - May 7, 2012) - According to BMO's 2012 Mother's Day Survey, 73 per cent of Canadians polled said they are getting mom a gift this Mother's Day and plan to spend an average of $84.16.

Mother's Day typically generates the second highest volume of weekend shopping in the year as measured by dollar value: bigger than Valentine's Day and second only to spending leading up to the Christmas holidays.

In 2011, consumer spending increased 5 per cent during Mother's Day weekend compared to the previous year. Although consumer confidence is down slightly in 2012, BMO Economics notes that it remains close to normal levels, which is good news for retailers and restaurateurs.

BMO's 2012 Mother's Day Survey revealed that, on average, men plan to spend $105 on their mothers, $43 more than women, who budgeted $62.

Does a bigger gift mean a bigger heart? "I don't think so," said Jennifer Weisman, Director, BMO Bank of Montreal. "The difference in spending is more likely a measure of practicality than it is of love," observed Ms Weisman, who noted that appreciative children can be frugal and generous at the same time because of an array of unique merchandise and services that are becoming more readily available through loyalty rewards programs.

"The budget conscious who want to treat mom to something special this year should consider using their loyalty rewards for their Mother's Day gift. With BMO's World ELITE^® Rewards and the AIR MILES^® Reward Program, you can redeem your rewards to surprise and delight mom with uniquely personal experiences such as a spa treatment, a weekend away, or the latest electronics such as an e-reader or tablet. It's a great way to show your generosity while also managing your budget," said Ms Weisman.

So what kind of gifts can mom expect this year? Canadians say they plan to:

• Take mom out to a restaurant - 28 per cent. If you plan to take mom out for a meal, be sure to make a reservation; Mother's Day is one of the busiest days of the year for dining out. There was a 22 per cent spike in restaurant spending from the same period the previous month last year, and a 7.35 per cent increase in restaurant in spending from 2010 to 2011.
• Bring her flowers - 27 per cent. No surprise here. With spring buds blooming across the country, May is the perfect time to show your love and appreciation with flowers. Last year there was a 237 per cent increase in spending on flowers during the Mother's Day weekend compared to the same period in the previous month, and a 5.27 per cent rise in spending on flowers year over year.
• Make her a home-cooked meal - 18 per cent. Whether it is breakfast in bed or full-on Sunday dinner, it's all good, as long as mom doesn't have to make it!
• Give other gifts or cards - 3 to 4 per cent. Aesthetic services, candy and chocolate, jewellery, cards and other gift ideas all trailed far behind the top three choices, listed above.
• No gift for you!! - 15 per cent. Respondents didn't offer reasons for foregoing a gift but the numbers were surprisingly high. This could be due to the mother being out of town on holidays, or simply that families celebrate their moms every day and don't make a practice of observing these types of occasions.

Canadians indicate that credit cards remain the most preferred method of paying for Mother's Day purchases. Cardholders are particularly attracted to special features such as purchase protection, extended warranties, zero liability, loyalty rewards and low-interest rate options which add significant value and peace of mind.

BMO offers budget-smart strategies for Mother's Day shoppers:

• Only spend what you have - Avoid interest costs by spending only what you know you can afford to pay back by your statement due date. If you must carry a balance on your credit card, consider using a credit card that offers a low-interest rate option. BMO is unique among the Big Five Banks in offering its cardholders a low-interest rate option for $45 a year plus the ability to still collect cash back or earn AIR MILES reward miles on their low-interest rate credit card.
• Earn extra rewards - Get more out of every dollar you spend by using a credit card with loyalty reward programs. The rewards you earn on Mother's Day purchases using a BMO World Elite MasterCard or BMO AIR MILES MasterCard can be used later to make travel, vacations, gift-giving and everyday living more affordable.
• Use a pre-paid credit card to help keep your spending in check - A pre-paid credit card can be loaded with a pre-determined amount of money, so you'll only spend what you put on the card and there are no monthly bills or interest charges at the end of the month. The BMO Prepaid MasterCard is accepted everywhere a regular BMO credit card is accepted and carries the added benefits of purchase protection, extended warranties, and zero liability.

Regional Findings

The survey was completed from April 23-26, 2012, using Leger Marketing's online panel, with a sample of 1500 Canadians. A probability sample of the same size would yield a margin of error of 2.5 per cent 19 times out of 20.

About BMO Financial Group

Established in 1817 as Bank of Montreal, BMO Financial Group is a highly-diversified North American financial services organization. With total assets of $538 billion as at January 31, 2012, and more than 47,000 employees, BMO Financial Group provides a broad range of retail banking, wealth management and investment banking products and solutions.