June 13, 2018

Here’s how much we’ll spend this Father’s Day (South Florida Business Journal) »

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By  – Editor, Orlando Business Journal

 

Florida families will spend an average of $133 per person for Father’s Day and a total nationally of $15.3 billion — the second-highest spending total in Florida Retail Federation survey history with special events, clothing, gift cards and electronics leading the way.

About 77 percent of Americans plant to celebrate Father’s Day, the survey showed. The expected spending would be second only to last year’s $15.5 billion, the highest in the 15-year history of the survey at an average $135 per person. Individuals between 25 and 34 years old will be the biggest spenders this year at an average $188 per person.

Father’s Day gift buyers plan to spend $2.2 billion on clothing (purchased by 43 percent of shoppers), $2.1 billion on gift cards (42 percent) and $1.8 billion on consumer electronics (20 percent). In addition, $878 million will be spent on home improvement supplies (16 percent), $862 million on personal care products (19 percent), $844 million on greeting cards (63 percent) and $830 million on tools or appliances (16 percent). Another $798 million will be spent on sporting goods or leisure items (16 percent), $686 million on automotive accessories (16 percent) and $628 million on books or music (22 percent).

The survey also found that 47 percent of consumers plan to give a “special outing” gift, such as a concert, sporting event or dinner. This category represents the largest share of spending at $3.2 billion.

“Consumer confidence remains high, unemployment is at a 10-year low, and our state’s economy remains strong, which means Floridians have more money in their pocket to spend on fathers this year,” said Florida Retail Federation President and CEO R. Scott Shalley.

A separate study by Womply, a technology services company for small business, showed that Father’s Day increases sales at Miami restaurants increase by 112 percent with a 62 percent bump in ticket price. That’s better than the national average, where Father’s Day sales increase sales at restaurants by 36 percent on average with a 32 percent bump in tabs.

Womply analyzed transactions at 26,000 small, independent restaurants in major U.S. cities across the country to come up with the findings.

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