Consumers plan to spend on average $94.54 on Father’s Day gifts this year, a nearly 4 percent dip in spending compared to last year’s $98.34, according to the National Retail Federation’s 2008 Father’s Day Consumer Intentions and Actions Survey.
NRF President and CEO Tracy Mullin said in a statement that, “Unfortunately, consumers are torn between their love for dad and their need for gas this year.”
Over two-thirds of consumers (68.4 percent) will simply purchase a greeting card, spending an average of $7.49 (I’m not sure where they’re buying their cards to get an average price like that). About two in five (41.4 percent) will take Dad out for a meal and will spend an average of $20.19.
As for gift giving, clothing topped the list with one in three (36.5 percent) saying they would purchase clothing for dad. Books and/or CDs (22.6 percent), gift certificates and gift cards (32.7 percent), sporting goods (13.3 percent) and consumer electronics or computer related accessories (18.5 percent) rounded out the list.
The most popular shopping spot will be department stores, followed by discounters, specialty stores, online retailers and specialty clothing stores.
The poll of 8,347 consumers was conducted from April 29 through May 7, 2008.
THE REAL WORLD RETAILING TAKEAWAY
Dad’s Day is a dud.
With nearly two-thirds of Americans only buying a card, the remaining audience is too small to capitalize on, especially for small retailers.
Best to leave Father’s Day to the big guys and focus on your core customer. These days, the less waste in marketing spending, and the truer you stay to your core business, the better off you’ll be.