A survey finds consumers are planning to spend less on Father's Day.
High gas prices and other economic worries will likely cut into Father's Day spending this year, with the value of average gifts dropping below $95, the National Retail Federation and BIGresearch report.
In a survey of 8,347 consumers, the Washington-based trade group found nearly half are planning to buy gifts for their fathers or stepfathers. More than 40 percent said they'll put money towards a special outing, while 36.5 percent plan to buy clothing. Other popular gifts include sporting goods, gift cards, consumer electronics and books, the survey found. Last year, consumers spent an average of $98 on gifts.
This year, most Father's Day shoppers said they'll head to department or discount stores for gifts, with a fifth pf survey respondents saying they expected to spend less than in 2007.
"The fact of the matter is gas prices are high, grocery bills are increasing and we're entering the summer months when energy prices will also start to increase," BIGresearch Vice President of Strategy Phil Rist said in a statement. "Quality time with family and friends will be important this Father's Day as opposed to larger, more expensive gifts," he said.
Still, an unexpected increase in retail sales in May could boost Father's Day spending. Overall retail sales climbed 0.9 percent from April and 3.8 percent from a year ago, the trade group reported this week.