Recession Hits Father’s Day

With financial turmoil plaguing the American economy, consumers are planning to spend at least four percent less on Father’s Day gifts than the previous year, says the National Retail Federation’s (NRF) 2009 Father’s Day Consumer Intentions and Actions Survey.

The survey was conducted by BIGresearch and polled 8,447 consumers from May 5-12, 2009. The average expenditure on gifts this year is expected to be $90.89 in comparison to $94.54 last year. The total spending is expected to be around $9.4 billion.

So, can dads expect anything different on Father’s Day this year? Maybe not. According to the survey, most dads will receive traditional gifts like clothing and gadgets. Tracy Mullin, NRF President and CEO said, “Along with the usual ties, gift givers will be looking into items that dad can enjoy with the whole family.” Favorites include gift cards, electronics, books, CDs, home improvement items, and sporting goods.

This Father’s Day, consumers will also be looking for the best deals to make dads feel special without burning a hole in the pocket. The survey found that equal numbers of people were intending to shop at either department stores or discount stores. Retailers were also expected to lower rates on gift items, to encourage people to shop.

While 51.1% of respondents said they will buy a gift for their father or stepfather, others chose a different family member. Husbands (28.6%), sons (7.6%), grandfathers (4.7%), and brothers (5.1%) will also see gifts from family members.