Higher prices at the pump and the grocery checkout line might be cutting into Father’s Day budgets, according to the National Retail Federation’s 2008 Father’s Day Consumer Intentions and Actions Survey.
Conducted by BIGresearch, the NRF survey found that three out of four adults will celebrate Father’s Day, and they plan to spend an average of $94.54, compared with last year’s $98.34. Total spending is expected to reach $9.6 billion.*
Among the other findings of the survey:
- Almost half of all consumers (48.2%) will buy a gift for a father or stepfather this year.
- Others will spend on their husband (27.7%), son (7.6%), grandfather (4.5%), brother (5.0%), friend (4.4%) and godfather (1.2%).
- Many consumers (41.4%) will still treat dad to a special outing and will spend an average of $20.19.
- Other popular gifts include clothing (36.5%), books and/or CDs (22.6%), gift certificates and gift cards (32.7%), sporting goods (13.3%) and consumer electronics or computer related accessories (18.5%).
- The large majority of consumers (68.4%) will invest in a greeting card for dad, spending an average of $7.49.
- Department stores will be the big winner this year in terms of where consumers plan to shop, as 32.5% of people will head out in search for the perfect tie or cologne.
- Discounters (31.0%), specialty stores (28.1%), online retailers (18.0%) and specialty clothing stores (7.9%) will also benefit from the holiday.
“The fact of the matter is gas prices are high, grocery bills are increasing and we’re entering the summer months when energy prices will also start to increase,” said BIGresearch VP of strategy Phil Rist. “Quality time with family and friends will be important this Father’s Day as opposed to larger, more expensive gifts.”
*Estimate based on total extrapolation of US adults 18 and over.
About the survey: The NRF 2008 Father’s Day Consumer Intentions and Actions Survey, conducted for NRF by BIGresearch, was designed to gauge consumer behavior and shopping trends related to Father’s Day. The poll of 8,347 consumers was conducted from April 29 to May 7, 2008.