Father’s Day Spending Expected to Reach $13.3 Billion
Americans will spend a little bit more on dad this year, stretching their budgets enough to show their favorite man just how much he is appreciated. According to NRF’s 2013 Father’s Day spending survey conducted by BIGinsight, the average person will shell out $119.84 on dad’s gifts this year, up from $117.14 in 2012. Total spending for Father’s Day is expected to reach $13.3 billion.
“Never expecting more than a nice day out or a special family dinner, dads are usually easy to shop for, and families this year will make sure to find the perfect gift for their favorite man this Father’s Day,” said NRF President and CEO Matthew Shay. “From patio sets and grills to ties and gardening tools, retailers will offer specials and promotions in the coming days for families as they scour retailers’ websites and stores for something they know dad will love.”
Consumers will mostly stick to the traditional gifts for dad, but some will splurge on clothing, electronic items, and special outings. According to the survey, those celebrating Father’s Day will spend $2.5 billion on a special outing, such as a sporting event or dinner, $1.7 billion on a new electronic gadget, such as a tablet or GPS system, and $1.8 billion on clothing. Dad can also expect plenty of gift cards; families will shell out $1.8 billion on the perfect practical gift. Others will splurge on home improvement and gardening tools ($755 million), sporting goods ($710 million), personal care items ($707 million), and even automotive accessories ($592 million).
Though most will buy for “dad,” Americans will celebrate the other men in their life as well; more than half will buy gifts for their father or stepfather (53.0%), and three in 10 (29.1%) will shop for something nice for their husband. Additionally, 9.7% will buy a gift for their son, 4.9% will look for something for their grandfather and 6.4% will shop for their brother.
Department stores remain the preferred shopping location for gift buyers: four in 10 (40.6%) will look for dad’s gift there. Others will shop at discount stores (31.5%), specialty stores including greeting card/gift and electronics stores (27.3%), and specialty clothing stores (9.9%). Online retailers will see a slight increase in traffic this year; 29.8% will shop online, up from 28.4% last year.
“Even those on a budget this year will look for special ways to surprise dad,” said BIGinsight Consumer Insights Director Pam Goodfellow. “Online deal sites, department stores and home improvement centers are all well aware of the special holiday coming up, and shoppers will make sure to look for unique, affordable gifts that help celebrate the men they love.”
Mobile shoppers will be out and about these next few weeks as they seek a nice gift for dad. Two in five (20.3%) of those who own a tablet plan to use their tablet to make a Father’s Day purchase. Overall, more than half (51.1%) of tablet owners will use their device to research products and compare prices, redeem coupons and look up retailers’ information such as store hours and location. Four in 10 (42.6%) smartphone owners will use their mobile device to research the perfect gift idea and compare prices and look up store information.[Source: “2013 Father’s Day Spending Survey.” BIGinsight/National Retail Federation (NRF). 7 June 2013. Web. 7 June 2013.]