Father’s Day spending expected to top $12.5 billion
by June 3, 2014 10:12 am 94 views
As spending holidays go, Father’s Day pales in comparison to Mother’s Day ($19.9 billion) or Christmas ($602 billion), but consumers are still expected to dole out an average of $113.80 on dad ahead of the June 15 holiday, according to the National Retail Federation.
The NRF survey conducted by Prosper Insights & Analytics expects 5% less in the average spend from a year ago, with total retail receipts of $12.5 billion this year.
“Knowing both cost and sentiment are important to their shoppers, retailers this Father’s Day will make sure to offer promotions on a variety of gift options, including home improvement items, tools and even apparel,” said NRF President and CEO Matthew Shay. “As more people look for ‘experience gifts’ with tickets to baseball games or a day on the golf course, retailers will also make sure to promote their gift cards for families hoping to create the perfect gift package.”
Greeting cards are a popular way to thank dad with 64% of consumers planning to purchase a card, while four in 10 said they plan to buy dad some new apparel this year for a total expended spend of $1.8 billion on clothing items.
Another $2.5 billion will be spent on outings to sporting events and $1.6 billion will be doled on electronic gadgets. Plenty of consumers want to give dads a chance to choose their own gifts with $1.8 billion in gift card purchases expected.
One in two consumers will shop for dad this holiday with one in four wives also looking for ways to show appreciation for their husbands.
“As we saw with Valentine’s Day and Mother’s Day this year, consumers are keeping to a strict budget,” said Prosper Insight’s Consumer Insights Director Pam Goodfellow. “Whether they spend $10 or $100, millions of Americans will find creative, affordable ways to show dad how much they care.”
Other Father’s Day Spending
$663 million on tools
$662 million on sporting goods
$645 million on home improvement
$641 million on personal care
$555 million on books and music
$520 million on automotive accessories