Go ahead and buy that Father’s Day tie. Heck, buy two or three or 47 of them. Father’s Day spending is expected to jump significantly this year and you could be a part of the fun.
According to the National Retail Federation, Americans will spend an average of $106.49 on Father’s Day gifts this year, up from $94.32 in 2010, and the highest in the eight years the survey has been conducted. Total spending for this year’s holiday will likely hit $11.1 billion, up from $9.8 billion last year and $9.4 billion in 2009.
The survey shows that more people will be taking their father’s out for $2.1 billion of activities. They’ll spend the second most amount on gift cards followed by tools, clothing, electronics and sporting goods.
Spending on dads is catching up to gifts for moms, though Mother’s Day spending still outpaces Father’s Day spending. Folks will shell out an average of $140.73 for moms.
Regardless of what they buy, or why they buy, the fact that they’re buying is good for the American economy. Even reading news of potential spending increases will encourage consumers to spend more.
Source: Washington Business Journal, May 2011
