NRF: Father's Day Spending to Top $12.5 Billion
Posted on June 5, 2014 by
WASHINGTON-Total U.S. spending for Father's Day gifts should be $12.5 billion for this year's holiday, according to a survey conducted for the National Retail Federation by Prosper Insight & Analytics.
Average spending for the holiday will be $113.80, down from $119.84 last year, the survey found. Spending on personal-care items, such as men's grooming products, is expected to reach $641 million. The top product categories for fathers' gifts will be dinner or tickets to sporting events ($2.5 billion), apparel ($1.8 billion), gift cards ($1.8 billion) and electronics ($1.6 billion).
As far as what retail channels in which consumers will shop for Father's Day, 35.8 percent said they will shop in department stores. Other channels include online (28.4 percent), discount stores (28.1 percent) and specialty stores (24.2 percent).
Mobile shopping will have an impact on this year's Father's Day. Nearly one out of five shoppers (18.2 percent) will purchase Father's Day gifts from their tablets. Also, 30.6 percent will research gifts on their tablets, and 23.4 percent will research gifts and compare prices on their smart phones.