Washington, D.C. 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, 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%) will still treat dad to a special outing and will spend an average of $20.19. Other popular gifts include clothing (36.5%), books and/or CDs (22.6%), gift certificates and gift cards (32.7%), sporting goods (13.3%) and consumer electronics or computer-related accessories (18.5%). 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% of people will head out in search for the perfect tie or cologne. Discounters (31.0%), specialty stores (28.1%), online retailers (18.0%) and specialty clothing stores (7.9%) will also benefit from the holiday.