Advertisers are prodding consumers to buy power tools and gardening equipment for dads this Father’s Day. However, those categories will likely pale in comparison to planned spending on dinner or brunch for dads by consumers, according to data from the National Retail Federation.
Taking dad out to eat is forecast to log the most sales at $3.3 billion among 12 categories surveyed by the NRF. Clothing and gift certificates were next at $2.2 billion and consumer electronics clocked in at $1.8 billion.
Father’s Day retail spending has soared 55% in the last 10 years and is expected to set a record of $15.5 billion this year, according to the NRF, which has been tracking data for 15 years. The current forecast translates into $136.75 spent on each dad. About 68% of consumers plan to spend the same amount on dad this year as in 2016.
By percentage, the leading category is greeting cards (64%), followed by dinner or brunch (48%), clothes (46.1%-plenty of neck ties in this category), gift cards (42.6%) and books or CDs (23.9%).
Greeting cards only account for about $800 million, the fifth-biggest category by expected sales, according to the NRF.
Consumers will shop for dad at department stores (39.9%), online (33.7%), and discount stores (25.7%).
To put Father’s Day spending in perspective, Mother’s Day spending was expected to total more than $23 billion in 2017. Spending on Father’s Day trails other special events tracked by NRF such as graduation ($35.8 billion), Easter ($18.4 billion) and Valentine’s Day ($18.2 billion).