Father’s Day spending will reach $12.7 billion this year
Father's Day is not the most lucrative holiday for retailers, but people are still planning to celebrate. Spending is expected to reach $12.7 billion this year according to the National Retail Federation's 2015 Father's Day Spending Survey.
According to the survey, the average person is expected to spend $115.57 on gifts for dad, which is nearly even with last year's total of $113.80.
"We think the fact that spending on Father's Day will be pretty close to last year is indicative of the fact that dad is a little more laid back and they may have already splurged a little too much on Mom and Valentine's Day and even graduations this year," said Kathy Allen, spokesperson for the National Retail Federation. "That doesn't mean that people won't be celebrating the day. In fact, 75.4 percent of Americans said they are planning a special day."
According to the survey four in 10, or 39.7 percent, will purchase apparel and clothing including dress shirts and neckties. "Experience gifts" will be a hot item this year as well with 43.3 percent opting for items like tickets to a ballgame or a special meal with the family. One in five shoppers will pick out new gadgets for dad like tablets and smartphones, four in 10 will give dad a gift card to let him pick his own gift while six in 10 plan to give a card. Other popular gift items include gardening supplies, new tools or appliances, personal care products, sporting goods, books and CDs.
"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," Matthew Shay, NRF president and CEO said in a press release. "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."