Consumers are expected to spend an estimated $9.9 billion on dads across the country for Father’s Day, according to a National retail Federation survey. The average person will spend $98.34 on the holiday, up from $88.80 in 2006.
As in previous years, the most popular gift for dad will be a greeting card (69.9%), but father’s can also expect to be treated to a special outing such as dinner (42.7%), according to the 2007 Father’s Day Consumer Intentions and Actions Survey. Other popular gift items include apparel (37.1%), a gift certificate or gift card (29.9%), consumer electronics or computer related accessories (17.8%), sporting goods or leisure items (13.9%), tools or appliances (13.6%), and home improvement or gardening tools (12.4%).
“Gas prices have little effect on what consumers spend for those who matter most,” said NRF president and chief executive officer Tracy Mullin. “Retailers will see increased sales of clothing and tools as well as gift cards, which allow dad to treat himself to something he chooses.”
Most consumers plan to shop for Father’s Day gifts at a department store this year (34.2%), with discount stores (28.7%), specialty stores such as electronics or greeting card stores (29.6%), specialty clothing stores (7.3%) and online shopping (18.7%) being other favorite destinations.
The majority of shoppers will buy gifts for their father or stepfather (50.1%) this year, but buying for other family members and friends is also popular, according to the survey. More than a fourth of consumers (28%) will buy a gift for their husband and 7.7 percent will splurge on their son. Consumers will also spend on their grandfathers (3.8%), brothers (4.6%) and godfathers (1.1%).
Though the holiday is for dad, men will still be spending more than women this year with men planning to spend $100.72 on average versus women’s average of $96.09.