The Florida Retail Federation (FRF) reports the highest year in Father’s Day spending, topping out at an average $139 spent on each lucky dad.
That amounts to $16 billion in Father’s Day spending predicted nationwide. Gift cards, electronics and clothing are among the top items purchased for dads this year.
“Another big weekend and another spending record predicted, which continues to show the strength of our economy, with high consumer confidence, record-low unemployment and other positive economic indicators,” President & CEO of FRF, R. Scott Shalley, said in a statement.
This unmatched Father’s Day gift season follows a spending trend that has increased year over year since 2009. According to data from the National Retail Federation’s annual survey conducted by Prosper Insight & Analytics, spending has increased 70 percent over the last twelve years.
Perhaps surprisingly, men are the biggest holiday spenders for both Mother’s Day and Father’s Day, and this year is expected to be no different. Insight also suggests people between ages 35-44 will be more likely to reach the deepest into their wallets for a nice gift.
Shalley says “We’re excited for what this weekend will mean for Sunshine State retailers as our industry remains robust thanks to consumers having more money [in] their pockets to spend on gifts for dads.”
Not only are consumers shopping for Father’s Day at an unprecedented rate, but they are also shopping in style. More than half of the people surveyed will browse for gifts for the special dads in their life via tablet or smartphone. 34 percent will shop online compared to 39 percent of people who will hit the stores.
The National Retail Federation’s survey confirms the heat many shopkeepers are feeling in an age of digital competition. But whether procured online or in-store, one thing is certain dads are benefitting from an uptick in prosperity this holiday season!