Father’s Day may not be the most lucrative consumer holiday of the year for retailers, but spending for dad is expected to reach $12.7 billion for golf lessons, home improvement tools, coffee mugs and more. And, according to the National Retail Federation’s 2015 Father’s Day Spending Survey conducted by Prosper Insights & Analytics, the average person will spend $115.57 on gifts, nearly even with last year’s $113.80. The survey found 75% of Americans said they plan to celebrate Father’s Day.
“After a less than stellar first half of the year, retailers are ready to welcome the warm weather and the millions of shoppers that come along with it and kick off the summer spending season just in time for Father’s Day,” said NRF president and CEO Matthew Shay. “Spending on grilling and patio necessities, pool gear, sporting goods, apparel and other gift and seasonal merchandise could be the positive stepping stone retailers need heading into the second half of the year.”
When it comes to gifts for dad, 40% will purchase apparel items such as a new dress shirt or necktie and will spend a total $1.7 billion overall. Another 43% will opt for experience gifts, such as tickets to a ball game or a special meal with the family, spending a total of $2.6 billion.
The survey also found that 20% of shoppers will pick out new gadgets for dad such as a tablet or smartphone, totaling $1.6 billion. Additionally, 39% of gift buyers will opt to let dad pick his own gift and will purchase a gift card, spending a total of $1.8 billion. Sixty-two percent of consumers will thank dad with a greeting card and will spend more than $777 million overall.
Loved ones will also spend on home improvement or gardening supplies ($710 million), new tools or appliances ($668 million), personal-care items ($684 million), sporting goods or leisure items ($665 million) and books or CDs ($538 million).
Consumers will look all over for gifts, with most people planning to shop at department stores (36%), while others will shop online (29%) and at discount stores (25%); 17% will shop local at a small business.
“After splurging on mom and graduates this year and recognizing that dad is a little more laid-back when it comes to celebrations and gifts, consumers will keep spending similar to about what they spent last year on Father’s Day,” said Prosper’s principal analyst Pam Goodfellow. “Regardless, they’ll still find a way to make sure that dad has a special day, whether they’re taking advantage of sales and promotions or treating him to an experience he’ll never forget.”
Shoppers on the move will use their smartphones and tablets to research and purchase gifts they know dad will love. About 24% of smartphone owners will use their devices to research gifts and compare prices, and nearly 29% of tablet users will turn on their devices to do the same; additionally 13% of smartphone owners will actually purchase gifts via their smartphones and 17.5% of tablet owners will make a purchase with their devices.
More than half of those surveyed are planning to buy for their father or stepfather (52%), while others will shop for their husband (28%) or son (9%) this Father’s Day.
[Image courtesy of Getty Images/E+ collection]