What will the Price Tag for Father’s Day be?
The problem with statistics is than surveys usually ask consumers how much they spent on presents for their father.
As Father’s Day nears consumers get ready for yet another spending swirl. Most surveys record Father’s Day expenditures to represent 75% of those of Mother’s Day. This however, fails to consider threes differentiating features of the celebration, First, in the online shopping world which is rapidly expanding, according to Ebates presents for Dad are pricier than those for Mom averaging $144 while those for Mom average $82. Second, there is only one Mom thus, one person to honor per household.
Fathers, on the contrary, can also be step fathers (which is very common) and sons and grandfathers and fathers in law. Anyone having all this categories in his or her immediate family confronts serious spending challenges. Finally, Father’s Day celebrations go beyond luncheons and brunches to encompass 30% of the time family weekend trips. This means that those who want to pay tribute to Dad don’t get off that cheaply. When you add up the number of people and what is spent on gifts, presents, and travel, the price tags could be quite significant.
The problem with statistics is than surveys usually ask consumers how much they spent on presents for their father. Nobody asks about step fathers, fathers in law and grandfathers. But even accounting for all these honorees expenditures on Father’s Day continue to lag behind those of Mother’s Day representing $15Biliion against $21Billion spent on Mom in 2016.
This year the gap seems to withstand, but some developments announce better showing over the coming decade. First, demand for cruises has increased by 20% vi-a-vis last year. This seems to point to a growing trend seeking to enjoy the celebration away for work and with the whole family. Second, E-learning products for dad have met the favor of Millennials who would rather give a knowledge creating product than an entertainment product. Sales of E-learning products have jumped 10% this year.
Subscriptions to health and sports clubs have increased by 15%. All in all, these products and services account for an increase in the Father’s Day budget of about 12%. Finally there is beauty, Aesop fabulous face oil with a $57 price tag has become one of the favorite products to offer those Dads that are between 50 and 60 years old. Other beauty products include shaving cream moisturizing cream and hair spray. These items indicate the ascent of a new generation of shoppers and the change of tastes that accompany all generational shifts.