Consumers Aren’t Out of Gas When it Comes to Dad
Source: National Retail Federation
May 29, 2007 - 1:50:32 PM
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Spending Expected to Reach Nearly $10 Billion
Washington, May 29, 2007 – Dad will enjoy more than his share of indulgence this Father’s Day as consumers are expected to dish out $9.9 billion* on dads across the country. According to NRF’s 2007 Father’s Day Consumer Intentions and Actions Survey, the average person will spend $98.34 on the holiday, up from $88.80 last year.
As in previous years, the most popular gift for dad will be a greeting card (69.9%), but he can also expect to be treated to a special outing such as dinner (42.7%). Other popular gift items include apparel (37.1%), a gift certificate or gift card (29.9%), consumer electronics or computer related accessories (17.8%), sporting goods or leisure items (13.9%), tools or appliances (13.6%), and home improvement or gardening tools (12.4%).
“Gas prices have little effect on what consumers spend for those who matter most,” said NRF President and CEO Tracy Mullin. “Retailers will see increased sales of clothing and tools as well as gift cards, which allow dad to treat himself to something he chooses.”
Most consumers plan to shop for Father’s Day gifts at a department store this year (34.2%), with discount stores (28.7%), specialty stores such as electronics or greeting card stores (29.6%), specialty clothing stores (7.3%) and online shopping (18.7%) being other favorite destinations.
The majority of shoppers will buy gifts for their father or stepfather (50.1%) this year, but buying for other family members and friends is also popular. More than a fourth of consumers (28%) will buy a gift for their husband and 7.7 percent will splurge on their son. Consumers will also spend on their grandfathers (3.8%), brothers (4.6%) and godfathers (1.1%).
Though the holiday is for dad, men will still be spending more than women this year with men planning to spend $100.72 on average versus women’s average of $96.09.
About the Survey
The NRF 2007 Father’s Day Consumer Intentions and Actions Survey, conducted for NRF by BIGresearch, was designed to gauge consumer behavior and shopping trends related to the Father’s Day holiday. The poll of 8,353 consumers was conducted from May 2 -9, 2007. The consumer poll has a margin of error of plus or minus 1.0 percent.
BIGresearch is a consumer market intelligence firm that provides unique consumer insights that are gathered online utilizing very large sample sizes. BIGresearch's syndicated Consumer Intentions and Actions survey monitors the pulse of more than 7,000 consumers each month to empower its clients with unique insights for identifying opportunities in a fragmented and changing marketplace. www.bigresearch.com
The National Retail Federation is the world's largest retail trade association, with membership that comprises all retail formats and channels of distribution including department, specialty, discount, catalog, Internet and independent stores as well as the industry's key trading partners of retail goods and services. NRF represents an industry with more than 1.4 million U.S. retail establishments, more than 23 million employees - about one in five American workers - and 2006 sales of $4.7 trillion. As the industry umbrella group, NRF also represents more than 100 state, national and international retail associations. www.nrf.com
*Estimate based on total extrapolation of US adults 18 and over
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