Retailers Expecting Father's Day Boost
Even with rising gas prices cutting into consumer spending, retailers are expecting shoppers to spend a record-high $9.9 billion on Father's Day next month, according to the National Retail Federation.
In a survey of more than 8,000 consumers, holiday shoppers said they are planning to spend an average of nearly $100 on gifts, $10 more than last year, the trade group said. The most popular gifts this year include greeting cards, a special dinner, apparel, gift certificates, electronics and computer accessories, sporting goods, and tools, among others.
Most shoppers said they will head to department stores for gifts, followed discount stores, specialty stores, and online stores.
In an earlier survey, consumers said they expecting to curb spending this summer to offset higher gas prices. Last week, average gas prices rose by 11.5 cents to a record $3.218 per gallon, 32.6 cents higher than last year, the Energy Information Administration reported.
"Gas prices have little effect on what consumers spend for those who matter most," National Retail Federation CEO Tracy Mullin said in a statement.
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