Father's Day may be the smallest of the American gift-giving holidays, but it is still expected to generate $663 million in spending on tools and appliances, according to the National Retail Federation (NRF).
NRF called Father's Day a "blip on the retail sales radar" when compared to Christmas and Mother’s Day, but it's 2014 survey shows the average person will spend $113.80 on tools, electronics, and other gifts for dad, slightly down from $119.84 in 2013. Total spending for Father's Day 2014 is expected to be $12.5 billion.
“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 NRF President and CEO Matthew Shay. “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.”
Gift item spending expectations for Father's Day 2014:
• $1.6 billion on electronic gifts like smartphones and tablets
• $1.8 billion on gift cards
• $663 million on tools and appliances
• $662 million on sporting goods or leisure items
• $645 million on home improvement items
• $641 million on personal care items
• $555 million on books or CDs
• $520 million on automotive accessories
The survey found that:
• 64.1% give dad a greeting card
• 41.5% give dad apparel items like neckties and sweaters, spending $1.8 billion
• 42.6% take dad on a special outing, such as dinner or a sporting event, spending $2.5 billion
Where will family members shop for dad's gift?
• 35.8% will shop at a department store
• 28.1% will shop at discount stores
• 28.4% will shop online
• 24.2% will shop at specialty stores
• 16.6% plan to shop at a local or small business
“As we saw with Valentine’s Day and Mother’s Day this year, consumers are keeping to a strict budget,” said Prosper Insight’s Consumer Insights Director Pam Goodfellow.
Nearly one-quarter of smartphone owners (23.4%) will research products and compare prices on gifts using their smartphone, and three in 10 tablet owners (30.6%) will do the same. Nearly one in five (18.2%) will purchase products with their tablet for Father’s Day.
to Daily News