Father’s Day retail forecast
The retail analysis, aggregated by the National Retail Association (NRA), shows the average amount consumers spend purchasing gifts for their fathers is $51.60, nearly $20 less than the amount spent for their mothers, which sits at $70.40.
Despite this discrepancy, Father’s Day retail sales have been on the rise in recent years.
“In the lead up to Father’s Day in 2014, we saw an increase in sales by 3.01 per cent. That’s $21.7 million more than 2013 sales,” Trevor Evans, CEO, NRA, said.
“And over the past two years, national sales have grown by $52.3 million, from $701.1 million in 2012 to $753.4 million in 2014. Sales are set to soar even higher this year. We’re predicting a growth of more than 2.1 per cent will occur this Father’s Day, which would mean a national sales increase of $15.8 million”.
Traditionally, personal care items have been the most popular product among purchasers, with sales increasing by 12.7 per cent in 2014, closely followed by footwear and clothing.
Tools, hardware, and electronic devices also rank high on the gift list, with the items accounting for 20.5 per cent of all Father’s Day expenditure in 2014.
“But it’s not just retail goods that make up the big spend. Similar to Mother’s Day, cafes and restaurants will be packed to the rafters with dining out commanding the greatest proportion of consumer spend,” Evans said.