WASHINGTON — Ongoing economic challenges and high gas prices won’t put a dent in shoppers spending intentions this Father’s Day, according to new research from the National Retail Federation.
With a little more than two weeks to go until the June 19 holiday, Americans are poised to spend an average of $106.49, compared with $94.32 last year. That’s a nearly 13% increase, and the most ever in the eight years NRF has been conducting the spending intentions survey with BIG Research. Spending on Father’s Day still lags the average Mother’s Day expenditure of $140.73 but the gap has narrowed considerably.
Total Father’s Day spending is expected to reach $11.1 billion with consumer spending expected to be allocated to special outings such as golfing, eating out or going to the moves ($2.1 billion) followed by gift cards ($1.4 billion), home improvement, gardening tools or appliances ($1.4 billion) clothing ($1.4 billion), electronics ($1.3 billion), sporting goods ($653 million) books or CDs ($598 million) and automotive accessories ($593 million).
“Dad has always been content spending Father’s Day grilling in the backyard or shooting hoops in the driveway, but this year kids have bigger plans for him,” said Phil Rist, EVP strategic initiatives with BIGresearch. “Shoppers are putting more thought into Father’s Day gifts and are seeking out the perfect personal, yet practical, gift to say thank you to the man who’s always been there for them.”
The survey of 8,344 consumers was conducted May 3 to 10, and although consumer intentions can occasionally differ materially from their actual behavior, the research results are said to have a margin of error of plus or minus 1%.