Spending to jump for Father’s Day

Americans seem intent on showering dad with their appreciation this year, reports the National retail Federation. According to the organization’s Consumer Intentions and Actions Father’s Day survey, conducted by BIGresearch, Americans will spend an average of $106.49 on dad, up from $94.32 last year. This is the most spent on dad in the survey’s 8-year history. The gap between Mother’s Day spending (average of $140.73) and Father’s Day spending has narrowed substantially. Total Father’s Day spending is expected to reach $11.1 billion.
“Spending on dad has taken a backseat for the past few years, but some kids and wives are planning to make up for lost time this Father’s Day,” said NRF president and CEO Matthew Shay.
Traditional Father’s Day gifts including electronics ($1.3 billion), clothing ($1.4 billion), home improvement or gardening tools and appliances ($1.4 billion) and books or CDs ($598 million) will remain popular. According to the survey, more people will be taking dad on a special outing this year, spending $2.1 billion on activities like golfing, eating out or heading to the movies. Dads will also be receiving more gift cards ($1.4 billion), sporting goods ($653 million) and automotive accessories ($593 million).
Shoppers will head to various types of stores to find the perfect Father’s Day gift. More than one-third of shoppers will head to dad’s favorite department store (35.2%) and nearly as many (32.2%) will shop at discount stores. Additionally, more than one-quarter (26.9%) will shop at a specialty store (electronics, gift store, etc.,) and 22.1% will shop online. Just about one in 10 will shop at a specialty clothing store (8.9%).