Spending on Dad to Increase This Year, Average Person to Spend $94.32 for Father's Day
As the economy continues its slow rebound, Americans will spend slightly more paying homage to the most important men in their lives this Father's Day. According to NRF's 2010 Father's Day Consumer Intentions and Actions Survey, conducted by BIGresearch, the average person will spend $94.32 on dear ole dad this year, up from $90.89 in 2009. Total Father's Day spending is expected to reach $9.8 billion.
Shiny new toys for dad will be one of the biggest hits this year, along with special outings, gift certificates and clothing. The survey found 39.9% of those celebrating dad this year will treat him to a special outing such as dinner or brunch, spending $1.9 billion. With 36.7% planning on spending a total of $1.3 billion on clothes, dad can expect a few more work shirts and ties to add to his collection as well. Others will shell out $1.2 billion on electronics, $749 million on greeting cards, $578 million on tools or appliances, $550 million on home improvement or gardening tools and $400 million on automotive accessories. Three out of 10 (31.2%) will give dad a gift card, spending an estimated $1.2 billion on those purchases.
"A slight uptick in Father's Day spending is another sign people are starting to open up their wallets again," said NRF President and CEO Matt Shay. "Whether it's a large family get together or surprising dad with the new gadget he's had his eye on, there are many ways people will choose to celebrate this year."
When it comes to where people will purchase their gifts, discount stores (34.4%) and department stores (34.1%) will see the most traffic. Specialty stores such as greeting card or gift stores (26.4%), online (20.5%) and specialty clothing stores (7.6%) will also be popular shopper destinations.
Most people will buy for their father or stepfather this holiday (49.3%) but others will treat their husband (27.1%), son (7.4%), grandfather (4.4%), brother (5.1%) and friend (4.9%) to something nice.
"Oftentimes dad is seen as the glue that holds the family together, whether for financial reasons or his love and devotion to his family. There's no other time it makes more sense to celebrate the man who makes it all ‘better' than Father's Day," said Phil Rist, Executive Vice President, Strategic Initiatives, BIGresearch.[Source: 2010 Father's Day Consumer Intentions and Actions Survey, BIGresearch/The National Retail Federation (NRF). 3 Jun. 2010. Web. 3 Jun. 2010.]