US retailers are getting ready for Father’s Day as consumers are expected to spend $15.3 billion on gifts this year, according to the National Retail Federation (NRF) and Prosper Insights & Analytics.
Their survey on 7,681 consumers showed that about 77% of shoppers will spend an average of $133 each, while big spenders from the 25 to 34-year-old age group will shell out $188 each.
“We are pleased to see consumer confidence continue to rise, leading to another near-record holiday spend on Father’s Day…Leading into the second half of the year, Americans are looking forward to treating their dads and retailers will be prepared to offer a variety of gift options that will create new memories on this special day” Matthew Shay, NRF President and CEO
The Father’s Day Sales Opportunity
47% of the survey respondents plan to give the most important man in their life a “special outing” gift, such as a concert, sporting event or dinner which is estimated to cost a whopping $3.2 billion.
Meanwhile, 43% said that they’re going to spend $2.2 billion to update Dad’s wardrobe, 42% are spending $2.1 billion on gift cards, while 20% will spend $1.8 billion on consumer electronics.
Since most, if not all, fathers have innate handyman skills, 16% of shoppers are considering spending $878 million on home improvement supplies.
The survey also revealed that majority of shoppers (39%) will do their shopping in a department store while 34% of them will shop online preferably with their smartphones.
This year’s Father’s Day spending forecast comes a close second to last year’s $15.5 billion mark, with the average spending per person hitting $135. However with a busy week it could well be the record breaking year for Father’s Day spending.
Do you see a sales increase on the run up to Father’s Day in your industry? Is it an event that you can do some specific marketing around? Let us know down below or over in our Facebook Group here.