Did you know that Americans will spend an average of over $90 on a Father’s Day gift this year? That’s the conclusion of the National Retail Federation’s annual Father’s Day Intentions & Actions Survey of nearly 8,500 U.S. consumers.
I was surprised, too. Maybe we’re a bit more frugal in the Nones household.
In any case, it’s clear that Father’s Day gifts have gone far beyond the traditional necktie. Around 40% of the NRF survey respondents reported that they’ll be treating Dad by taking him out to eat. And about one-third are taking the really easy way out by buying gift cards.
The remaining respondents are planning to purchase Father’s Day gifts that range from clothes to electronics.
Based on the survey findings, the NRF predicts that nearly $10 billion will be spent on Father’s Day gifts this year. Here are the largest categories:
Going out to eat: ~$1.9 billion
Clothing items: ~1.3 billion
Gift cards: ~$1.2 billion
Electronics: ~$1.2 billion
Greeting cards: ~$750 million
Tools and appliances: ~$575 million
As to where people will shop for their gifts, dear ol’ Dad will be proud to know how cost-conscious and efficient they’ll be in making purchases, since a majority of the respondents plan to shop at big box or discount stores, or make online purchases.
Incidentally, Father’s Day isn’t just for Dads anymore. In fact, only about half of the NRF survey respondents will be giving gifts purchased for fathers or stepfathers. The rest will be giving to husbands, sons, brothers, grandfathers … or just good friends.
Happy Father’s Day everyone.