Father's Day gift sales in the U.S. are approximately U.S. $8 billion, according to New York-based brand and customer loyalty consultancy Brand Keys, Inc.
Three out of every four consumers celebrate Father's Day, spending an average of $115. The firm said 49 percent of the total amount spent on gifts, or about $3.920 billion, goes to buy clothing and gift cards. The other half breaks out like this:
tools - 11 percent or $880 million
wine/alcohol - 9 percent or $720 million
CDs - 9 percent or $720 million
books - 7 percent or $560 million
electronics - 7 percent or $560 million
phones - 5 percent or $400 million
computers - 3 percent or approx. $240 million
"While not quite as much money is spent on fathers as mothers ($8 billion for dads and $11.5 billion for moms), it represents an enormous retailing opportunity for brands," said Brand Keys President Robert Passikoff. "Our survey indicates that 75% of consumers will be celebrating the holiday one way or another, and that they'll be spending an average of $115.00 to recognize the special position dads hold."
The consulting firm even broke out where the gifts will be purchased:
department stores - 29 percent
discount stores - 28 percent
specialty outlets - 27 percent
online- 16 percent
to Daily News