What Retailers Will Benefit From Increased Father’s Day Spending?
This Sunday is Father’s Day, and Americans are expected to spend slightly more on gifts to celebrate their dads than they did last year.
According to the National Retail Federation, the average person will spend $119.84 on dad’s gift this year, up slightly from $117.14 last year. Total spending for Father’s Day is estimated to reach $13.3 billion.
“Never expecting more than a nice day out or a special family dinner, dads are usually easy to shop for, and families this year will make sure to find the perfect gift for their favorite man this Father’s Day,” said NRF President and CEO Matthew Shay. “From patio sets and grills to ties and gardening tools, retailers will offer specials and promotions in the coming days for families as they scour retailers’ websites and stores for something they know dad will love.”
Although spending on Mother’s Day typically exceeds Father’s Day, research from the NRF suggests that the gap is closing.
Let’s take a look the top five most popular Father’s Day gifts, and companies that might see a boost from that holiday spending.