04 Jun Americans to spend $7 billion less on dads than moms this year
Father’s Day, the smallest of the American gift-giving holidays, is expected to bring in just $12.5 billion this year — a “blip on the retail sales radar,” the National Retail Federation said.
Mother’s Day spending, by comparison, was estimated at $19.9 billion, according to the group’s annual spending survey report.
The average person will spend $113.80 on Father’s Day gifts, down from $119.84 last year, and significantly less than the average Mother’s Day spend of $162.94, according to the survey conducted for NRF by Prosper Insights and Analytics.
Spending has been down for all holidays this year compared to last, including Valentine’s Day, Easter and Mother’s Day, as the lack of solid improvement in the economy keeps people cautious with their gift-giving budgets.
A bright spot is among online shoppers, who plan to spend 27 percent more this year than last, giving gifts that average $163, the survey said.
Two-thirds of survey responds said they plan to celebrate dad with a greeting card, 43 percent opt treat him to experiences like dinner or tickets to a sports game and 42 percent plan to buy apparel like neckties and sweaters.
Spending on electronic gifts, estimated at $1.6 billion, and gift cards, at $1.8 billion, also are popular.
“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,” Shay said.
Fifty-two percent of survey respondents said they plan to give gifts for their father or stepfather and 28 percent said they would get their husbands gifts. For Mother’s Day, 64 percent say they shop for their moms or stepmoms and 22.5 percent shop for their wives.
Follow @alexiaer Follow @chibreakingbiz