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Economist Michael Swanson offers a tip for this Mother's Day:

"If you really want to show mom that love and TLC, you can whip up a pretty nice buffet at home for a lot less money" than going out for that classic brunch, says Swanson, who tracks food prices as the chief agricultural economist at Wells Fargo.

His daughters apparently know this too: Their plan for Sunday is an egg bake for mom at home, with dad on flower-buying duty. But they are in the minority, even as the cost of going out to eat is rising twice as fast as the cost of groceries.

Mother's Day is by far the busiest day of the year for U.S. restaurants overall. It's also one of the biggest days for florists, right after Valentine's Day, and for greeting-card sellers.

And although rising gas prices have Americans feeling anxious about the economy, that's not stopping them from opening their hearts — and wallets — for their moms this Sunday.

Record holiday spending

Spending on this Mother's Day might soar to a record $38 billion, increasing a whopping 11% from last year, according to a forecast by the National Retail Federation.

The projection is based on a survey that suggests the vast majority of shoppers will buy flowers and cards, while some are also looking for jewelry, clothes and electronics. Plants are becoming a more common gift too, according to the Society of American Florists.

This year, the trade group surveyed florists and found that two-thirds expect Mother's Day sales to increase or remain steady this year — with the rest less optimistic. Many florists reported "leaning into value-focused offerings," including cheaper grab-and-go bouquets and smaller arrangements.

And dining out is still the top activity. Reservations platform Resy says bookings as of Wednesday were up nearly 30% compared with the same time frame last year. Rival OpenTable says its reservations were "trending up by double digits" compared with last year.

More eggs, less steak?

In San Diego, Ed Powers is grateful for the drop in egg prices ahead of the brunch-focused Mother's Day celebrations. Eggs are used in three-quarters of the dishes at Broken Yolk Cafe, the 42-restaurant chain where Powers is the director of operations.

Retail egg prices were down nearly 45% in March compared with a year ago, as the industry rebuilds after a persistent bout of bird flu. Wholesale prices have dropped even more.

"It's like, oh my gosh, great recovery," Powers says.

Meat is another story. The price of beef was up more than 12% in March from last year, as U.S. cattle herds remain historically small. Chicken and pork prices have stayed pretty flat.

"So a lot of bacon or ham in that buffet option," says Swanson. "But if it's going to be a high-end steakhouse, bring two wallets."

Overall, the cost of going out to eat was up 3.8% in March compared with a year ago, federal data shows. The cost of groceries rose at half that rate. The price of flowers and plants was up 7.5%, and the cost of jewelry 9.9%.

High gas prices are weighing on people's budgets. The national average price has jumped more than $1.50 a gallon since the war in Iran began. Prices are even higher in California, where Broken Yolk Cafe is based. Powers says this is forcing customers to scale back, although less so for special occasions.

"I've seen weekday business be a little bit softer," he says. "But holidays have still been pretty strong."