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Forecast: Spending on Dad will be up this year
A forecast just out from BrandKeys indicates kids will be spending a little more on dear ol' dad this year. About 7% more, as a matter of fact. While Mom still rules, kids are expected to spend about $145 on Dad this year.
"That's the precise increase we saw for Mother's Day spending this year," said Robert Passikoff, founder and president, Brand Keys.
As for what they'll buy, the survey indicates about 45% of dad will get gift cards while about one-quarter will receive clothing or tools. Just over 40% of kids will shop department stores while 36% are expected to buy at discount stores and 35% will buy gifts online.
Meanwhile, new data from The Retail Gift Card Association finds 100% of American's surveyed in their report have used a gift card in the past year while 77% have given a gift card. About 21% offered Mom gift cards to restaurants for Mother's Day while 23% say they'll give Dad a home improvement store gift card for Father's Day.
"Our survey showed that gift cards remain popular choices for two key reasons: gift givers can be assured recipients will be able to purchase what they want, and the cards are convenient for recipients since they can be spent in-store, online or on their mobile phones," said Mary Donovan, Executive Director of the RGCA. "Consumers have a lot of options, but they're confident that gift cards deliver. With more than two thirds of Americans planning to give gift cards this season, it would be wise for retailers to ramp up their card marketing efforts for the spring and summer gifting months."
Image via Shutterstock
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