Dad gets a little less love this Father’s Day in gifts.
An average of $90.89 will be spent on gifts for dad in 2009, down from $94.54 last year. Total spending is expected to reach $9.4 billion according to survey results from the National Retail Federation (NRF).
Consumers will more on a special outing such as a brunch or dinner or even a sporting event ($1.9BB). Clothing come second at $1.271BB (are people really still buying a tie for dad?) and gift certificates and gift cards come in third at $1.206BB. Consumer electronics and computers breaks the billion-dollar mark, with expected spending at $1.022BB.
Books or CDs ($548 million), home improvement items ($522 million) and sporting goods ($502 million).
Nearly one in three consumers will shop at discount stores and another third will shop at department stores. The other retail winners include specialty stores like electronics and home improvement stores (26.8%), online (17.9%), at specialty clothing stores (6.1%) and catalogs (2.8%).
THE REAL WORLD RETAILING TAKEAWAY
Nearly every retailer can capitalize on this holiday through gift cards and gift certificates.
If you’re not already in the game, it’s a little late. But a word to the wise. Gift cards are still hot for major holidays throughout the year including the Christmas holidays, Mother’s Day, Father’s Day and graduation.
Gift cards are a retailing staple and will continue to be. Don’t lose out on your share of sales by not offering a gift card or gift certificate program for major holidays and throughout the year.