May 29, 2008 By National Retail Federation
May 29, 2008 – Higher prices at the pump and the grocery checkout line might be cutting into Father’s Day budgets, according to the National Retail Federation’s 2008 Father’s Day Consumer Intentions and Actions Survey.
Higher prices at the pump and the grocery checkout line might be cutting into Father’s Day budgets. According to the National Retail Federation’s 2008 Father’s Day Consumer Intentions and Actions Survey, conducted by BIGresearch, U.S. consumers plan to spend an average of $94.54, compared to last year’s $98.34. Total spending is expected to reach $9.6 billion.
The survey found many consumers (41.4 per cent) will still treat dad to a special outing and will spend an average of $20.19. Other popular gifts include clothing (36.5 per cent), books and/or CDs (22.6 per cent), gift certificates and gift cards (32.7 per cent), sporting goods (13.3 per cent) and consumer electronics or computer related accessories (18.5 per cent). The large majority of consumers (68.4%) will invest in a greeting card for dad, spending an average of $7.49.
Department stores will be the big winner this year in terms of where consumers plan to shop as 32.5 per cent of people will head out in search for the perfect tie or cologne. Discounters (31.0 per cent), specialty stores (28.1 per cent), online retailers (18.0 per cent) and specialty clothing stores (7.9 per cent) will also benefit from the holiday.
“The fact of the matter is gas prices are high, grocery bills are increasing and we’re entering the summer months when energy prices will also start to increase,” said BIGresearch Vice President of Strategy Phil Rist. “Quality time with family and friends will be important this Father’s Day as opposed to larger, more expensive gifts.”
Almost half of all consumers (48.2 per cent) will buy a gift for a father or stepfather this year. Others will spend on their husband (27.7 per cent), son (7.6 per cent), grandfather (4.5 per cent), brother (5.0 per cent), friend (4.4 per cent) and godfather (1.2 per cent).
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