May 29, 2008 - Higher
prices at the pump and the grocery checkout line might be cutting into
Father’s Day budgets, according to the National Retail Federation’s
2008 Father’s Day Consumer Intentions and Actions Survey.
Higher prices at the pump
and the grocery checkout line might be cutting into Father’s Day
budgets. According to the National Retail Federation’s 2008 Father’s
Day Consumer Intentions and Actions Survey, conducted by BIGresearch,
U.S. consumers plan to spend an average of $94.54, compared to last
year’s $98.34. Total spending is expected to reach $9.6 billion.
The survey found many consumers (41.4 per cent) will still treat dad to
a special outing and will spend an average of $20.19. Other popular
gifts include clothing (36.5 per cent), books and/or CDs (22.6 per
cent), gift certificates and gift cards (32.7 per cent), sporting goods
(13.3 per cent) and consumer electronics or computer related
accessories (18.5 per cent). The large majority of consumers (68.4%)
will invest in a greeting card for dad, spending an average of $7.49.
Department stores will be the big winner this year in terms of where
consumers plan to shop as 32.5 per cent of people will head out in
search for the perfect tie or cologne. Discounters (31.0 per cent),
specialty stores (28.1 per cent), online retailers (18.0 per cent) and
specialty clothing stores (7.9 per cent) will also benefit from the
holiday.
“The fact of the matter is gas prices are high, grocery bills are
increasing and we’re entering the summer months when energy prices will
also start to increase,” said BIGresearch Vice President of Strategy
Phil Rist. “Quality time with family and friends will be important this
Father’s Day as opposed to larger, more expensive gifts.”
Almost half of all consumers (48.2 per cent) will buy a gift for a
father or stepfather this year. Others will spend on their husband
(27.7 per cent), son (7.6 per cent), grandfather (4.5 per cent),
brother (5.0 per cent), friend (4.4 per cent) and godfather (1.2 per
cent).
|
