Total Spending Up 4%
The NRF forecasts total consumer spending on gifts and activities related to Father’s Day will be $9.8 billion this year, a 4.2% increase from $9.4 billion in 2009. Average spending per person will equal $94.32, a 3.8% jump from $90.89 last year.
Meals, Apparel Leading Gifts
The highest percentage of consumers, 39.9%, will take their father to a dinner or brunch, spending $1.9 billion in the process. Another 36.7% plan on spending a total of $1.3 billion on apparel. Other leading gift categories include electronics and gift cards (spending on both will reach $1.2 billion, 31.2%) greeting cards ($749 million, about 18%), and appliances ($578 million, about 15%).
25-to-34-year-olds Lead Spending
When it comes to spending, the 25-to-34-year-old demographic will lead the way with a per-person average of $132.11. Men ($100.64) will outspend women ($88.31). Broken down regionally, residents of the Northeast will by far spend the most ($109.57) on average. The region with the second-highest average spending per person, the West, trails at $101.20.
Discounters, Dept. Stores Will Benefit
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.
“A slight uptick in Father’s Day spending is another sign people are starting to open up their wallets again,” said Matt Shay, President and CEO, NRF. “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.”
Mother’s Day Spending Higher Overall, Grows Less
NRF forecasts for spending on last month’s Mother’s Day holiday showed higher overall spending totals, but lower growth rates. The average person was expected to spend $126.90 on Mother’s Day this year, up 2.4% from $123.89 in 2009. Total spending was expected to reach $14.6 billion, a 3.5% lift from $14.1 billion last year.
In one clear indicator of the difference between the sexes, the leading gift category for Mother’s Day was flowers (65.2% of celebrants were expected to spend a total of $1.9 billion in this category).
About the Data: The NRF 2010 Father’s Day Consumer Intentions and Actions Survey was designed to gauge consumer behavior and shopping trends related to the Father’s Day holiday. The survey was conducted for NRF by BIGresearch. The poll of 8,431 consumers was conducted from May 4-12, 2010.