Father’s Day Spending Down Slightly [AUDIO]
It may be the smallest of the gift-giving holidays compared to Christmas and Mother's Day, but consumers will not overlook the sentimental importance of Father's Day.
The average person will spend $113.80 on gifts this year for Father's Day, which is down slightly from $119.84 in 2013, according to a survey by the National Retail Federation.
Total spending is expected to reach $12.5 billion.
"It looks like consumers are going try and stick to that budget as much as they can, much like we have seen for most of 2014," said Kathy Grannis, a spokesperson for the NRF.
While most people, about 64 percent, will purchase a greeting card, four in 10 will treat him to new apparel items such as neckties and sweaters. Another 42.6 percent will celebrate with special outings such as dinner or tickets to a sporting event.
The survey also found that those celebrating Father's Day will spend $1.6 billion on electronic gifts like smartphones and tablets, and $1.8 billion on gift cards.
"Knowing both cost and sentiment are important to their shoppers, retailers this Father's Day will make sure to offer promotions on a variety of gift options, including home improvement items, tools and even apparel," said Matthew Shay, president and CEO of NRF, in an emailed press release June 3. "As more people look for 'experience gifts' with tickets to baseball games or a day on the golf course, retailers will also make sure to promote their gift cards for families hoping to create the perfect gift package."
"At the end of the day, Dad seems to care a lot less about the fuss of the holiday and would be just as happy celebrating with a cookout with the family in his own backyard. With that said, there are still millions who want to treat him to something special and show their appreciation," Grannis said.