June 14th, 2019 | Vincenza Caruso-Valente, General Manager, Retail and Staffing
Father’s Day 2019: Good News for Retailers (and Dads)
Traditional commemorative dates, such as Mother’s Day and Father’s Day, show a very strong emotional appeal and are often not tethered by financial constraints. In fact, it is estimated that the combined retail revenue from Mother’s Day and Father’s Day will reach an all-time high of $41 billion in 2019 with the last few years witnessing a significant growth in retail sales on these dates. Dads, just like Moms on Mother’s Day, appear to be in for quite a treat this year!
Essentially, it is a big day for retailers!
The good news for retailers (and Dads) is that now, more than ever, just a tie or some other token item just won’t do the job! According to an NRF survey one of the largest share of the gift spending ($3.3 billion) will go towards “special outings” like a sporting event, music concert or dinning out. Close to half of the individuals surveyed by the NRF (47%) said they planned to purchase something that fits that category.
A close second to outings is clothing with an estimated spend of $2.5 billion (46%), followed by gift cards ($2.3 billion, 43%), and consumer electronics ($1.8 billion, 20%). Some 17.6% of respondents said that Dad will be getting home improvement supplies ($927 million), while 61.7% ($830 million) will hold on to tradition and spend on greeting cards. The survey of 7,591 participants also revealed that 39% of consumers will head to department stores, 34% will shop online, 24% will shop at a discount store, 23% at a specialty store and 11% at a specialty clothing store.
“Something unique,” seems to be in the priority list of many shoppers, as 45% of respondents are looking for that special and unique way to surprise their Dads. Consumers, especially those between 35-44 years old, want to grab something that is unique, thoughtful and allows for a memorable experience on Dad’s special day. The NRF reports that over half (53%) of those surveyed planned to shop for a father/stepfather, while an additional 27% were shopping for husbands.
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