3 On Your Side: Father's Day Spending
By Jim Donovan
PHILADELPHIA (CBS) -- With just a little bit more than a week to go, Father's Day is quickly approaching and while most Americans plan to do something to celebrate dear old dad, they won't spend as much as they do on mom. 3 On Your Side Consumer Reporter Jim Donovan takes a look at the numbers.
The most popular gift for dad this Father's Day is a special day out. That's according to an annual survey conducted by the National Retail Federation, which found consumers will spend about $2.6 billion dollars on a gift like baseball tickets or a family meal.
Another popular option? Letting him choose his own gift. 39% of Father's Day gift buyers said they'll purchase a gift card, for a total of $1.8 billion dollars in spending. Americans will spend another $1.7 billion dollars on clothing for dad, and $1.6 billion on electronics.
Overall, Father's Day spending should ring up an additional $12.7 billion dollars for retailers, versus the $21.2 billion estimated to have been spent for Mother's Day.
Why the gap in spending between mom and dad? The website RetailMeNot.com says it could be a matter of timing, with June weddings, graduations, and summer vacations putting a strain on spending around the day. A survey by RetailMeNot found the gifts most requested by dads include gift cards, clothing, and gadgets. The items they're least likely to treat themselves to are clothing, shoes, or home goods and tools.
Gifts aside, almost half of dads in the survey said what they really want for Father's Day, is to spend time with their family.
For more information visit: https://nrf.com/media/press-releases/fathers-day-spending-reach-127-billion-according-nrf-survey
