Americans are expected to spend more than ever on gifts for Father’s Day this year on June 16, according to the National Retail Federation’s (NRF) annual survey conducted by Prosper Insight & Analytics. Total spending for the holiday is estimated to reach $16 billion, up from last year’s $15.3 billion.
“Fathers, husbands and sons can expect to feel the love this Father’s Day,” said NRF president and CEO, Matthew Shay. “Over the past decade, spending on Father’s Day gifts has increased significantly. Retailers are ready with gifts that will have no problem impressing dad.”
Father’s Day spending has grown 70%, approximately $6.6 billion, since 2009. The biggest drivers of Father’s Day spending are growth in spending by consumers aged 35-44, and spending on clothing, special outings and gift cards. This year, 75.9% of people plan to celebrate and are expected to spend a record $138.97, up from last year’s $132.82 and up from $91 in 2009.
Consumers aged 35-44 plan to spend the most at an average $197.66, over $100 more than this age group spent 10 years ago. Men planned to spend the most for Mother’s Day this year and are also likely to spend more than women for Father’s Day at $160.74 compared with $118.29.
“It’s important to consumers of all ages that their gift for dad is unique and creates a special memory,” added Phil Rist, vice president of strategy, Prosper Insight & Analytics. “For example, subscription box services have become a popular unique gift option, particularly among younger consumers.”
When searching for the perfect gift, 39% of consumers will head to department stores, 34% will shop online, 24% will shop at a discount store, 23% at a specialty store, 11% at a specialty clothing store and 2% via catalog. Over half (57%) of smartphone/tablet owners plan to use their device to assist in Father’s Day gifting decisions, with 38% using their mobile device to research products and compare prices.
According to a report by the United Nations, the fashion industry accountsFebruary 18, 2021 | By Shruthi Nair
The jewellery making industry has been under tremendous scrutiny over the yearsFebruary 11, 2021 | By Shruthi Nair
UAE-based Carrefour will become the first retailer in the region to offer new levels
The Organic Farmers’ Market is back in Bay Avenue for its 12th
UAE-based Lulu Group recently inaugurated its first-ever all-female staff store in Jeddah,
Jones the Grocer, the gourmet grocer and cheese retailer launches the Jones
UAE-based Al Maya Supermarkets is hosting a two-week food festival at select
Locally-owned supermarket Spinneys has launched its ‘Power of Plants’ initiative in the
Carrefour UAE has launched “Cookit Yourself” — a curated recipe box created
UAE-based Al Islami Foods, one of the largest frozen food companies in
Marks & Spencer’s plant-based range now offers over 25 vegan products including meat-free
World’s largest fully integrated online brand in fresh fish and meat e-commerce
Homegrown, organic and plant milk company, Koita has announced its expansion into
Tighter restrictions on hotels, restaurants, shopping malls and entertainment venues on account of
All hotels and restaurants have been directed to temporarily hold entertainment activities
The new Dubai Gold Souk is “very much on track”, according to
Gone are the days of traditional brick-and-mortar as well as purely e-commerce
The Dubai Gold & Jewellery Group’s ongoing jewellery campaign, held in association
Retail Abu Dhabi, the retail platform of the Department of Culture and
Gulf Marketing Group (GMG) is gearing up for a continued surge in
UAE-based Emaar Malls have announced the resignation of its CEO, Rajiv Suri
The Lumière Co, a new e-commerce platform, has launched to offer young
Nakheel Malls, the retail arm of master developer Nakheel, has launched its
Serena Marketplace, a new community shopping and service centre for the Mediterranean-themed