In 2015, the average spending per person was $116 on Father’s Day gifts. This amounted to American’s spending $12.7 billion for gifts on Father’s Day alone.
The top five gifts that shoppers purchased were:
- Greeting Cards (62%) 2. A Special Outing (43%) 3. Clothing (40%) 4. Gift cards (39%) 5. Books or CD’s (22%)
The highest spenders on Father’s Day shopping fell into the 25-34 age group spending on average $158 on dad.
So how should you prepare your budget for Father’s Day? The first thing is to plan ahead. You’re less likely to buy spontaneously when you go into the store with a plan and ideally a set monetary limit to spend. For example, going to The Home Depot, you should walk out with the $50 hammer you intend to buy for dad, not drive out on the newest John Deere 25-HP Dual Engine Riding Lawn Mower.
Second, think about what your dad likes, not just what you would like to buy for him. He may love his white New Balance tennis shoes, but if you think he needs the newest Nike’s, he may never wear them if the New Balance’s are what he likes!
Finally, instead of spending extensive amounts of money, focus on spending extensive amounts of time with dad. Chances are, the time you spend with him will be more valuable to him than any other gift could ever be.
Happy Father’s Day to all the dad’s out there!
MARKET WATCH
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