Father’s Day is just around the corner and, again, retailers are bring out their best collections of cologne, tailored shirts, ties and #1 Dad knick-knacks. And this year, shoppers are set to spend.
According to Coresight Research, U.S. consumers are expected to spend a total of $16 billion on Father’s Day leading up to celebrations on June 16, up from $15.3 billion last year and setting a new record for the holiday. In fact, data from the NRF and Prosper Insights & Analytics shows spending on Father’s Day has risen by 70 percent over the last decade.
Coresight says 75.9 percent of American consumers plan to celebrate with their fathers and grandfathers, spending an average of $138.97 each—4.5 percent higher than last year and 34.5 percent higher than a decade ago. The data also suggests older millennials and Gen X shoppers, age 35 to 44, may be the targeted audience for retailers as they are each expected to spend roughly $197.66, more than $100 over the average spend for the group in 2009.
Men will spend the most for Father’s Day, according to Coresight—perhaps because nobody appreciates a good dad more than another good dad. The average spend per male will be $160.74, according to Coresight, compared to the $118.29 women are expected to spend. Most shoppers from both groups (53 percent) will be buying for a father or stepfather but 27 percent will also shop for their husbands, and 9 percent will shop for a son.
When it comes to what products shoppers are looking for, Coresight says clothing will be among the top three options, trailing only greeting cards and experiential outings when it comes to the percentage of shoppers expected to make a purchase in the category. Spending an average of $21.88 per person, 46 percent of Father’s Day shoppers will be looking for apparel over the next couple of weeks, representing $2.5 billion of the holiday’s combined sales.
Coresight’s data shows roughly 39 percent of these shoppers will look to department stores for these purchases while another 34 percent will shop online. Discount stores will be able to pull in about 24 percent of these shoppers, with another 23 percent preferring specialty stores. Additionally, boutique/specialty clothing stores were the preferred option for 11 percent of polled shoppers, and 2 percent will still turn to catalogs.
Despite the small cohort sticking to the old-fashioned brick-and-mortar buys, Father’s Day has still become decidedly more digital and mobile. Of those who responded, 57 percent said they would likely make a Father’s Day purchase on a smartphone or tablet, and 38 percent said they would be using their mobile device to research and compare products.