Fathers Day is the one day of the year that celebrates honor to all the father figures who have blessed our lives. It’s a day packed with gifts, surprises and special meals for Dads all over America. Our question about Fathers Day is statistical: Why is it only one day? Gavrilov & Co hereby declares this Father’s Day Week. Therefore we can celebrate the men who have had a profound influence on their lives longer and stronger. In fact, the spirit of gratitude to our father figures, they should be honored all year long.
Gavrilov & Co Dedication to Father’s Day
This blog is dedicated to Dad’s Day instead of our usual tax and accounting topics. However, since finance and economics are our worlds, we delight in presenting another side of Father’s Day for your reading pleasure: the statistical side.
And perhaps Gavrilov & Co can draw some insights from these statistics to show all the connections between family, money, celebrations, and loving emotions.
Accounting for Spending for Love Fathers Day
There is no question that the day dedicated to honoring fathers has been commercialized to the hilt. And experts say 75 % of all the Dads in the US plan to celebrate Father’s Day in some manner. Consumers will enter a shopping frenzy:
- $467 million spent on gifts
- $140 million spent on food and drink
- $52 million on cards and wraps
Specific Gifts For Dad
Naturally, gifts account for the highest amount of spending on Father’s Day presents. Thus, there is a wide range of selections that top the charts as the top picks for Dad for the holiday. By the way, picky Dads are often blessed to receive Gift cards. $2.2 billion worth of spending giving will give some fathers the advantage of shopping for their own heart’s desires.
- Haberdashery for Dads: The price tag for clothing rang in at the same $2.2 billion amount. Thus, this fact makes apparel one of the top three gifts types most often purchased for dad on Father’s Day
- Tech Dads Delight: Computer-related accessories and electronics account for $1.8 billion of spending dollars and range from phones to software, to t.v.s, and media devices.
- Traditional Father’s Day Presents: Both personal care items such as shavers and cologne still rank high as kid’s choices for shopping for Father’s Day.
- Worker-Bee Dads Get Help: Likewise, home improvement and gardening items account for over$890 million each in purchases.
- Big Ticket Fathers Get Spoiled: Tools and appliances and sporting and leisure goods both have spending rates of over $800 million
- Small But Fun Gifts: Automotive accessories, books, and CDs account for the bottom rungs of the top ten with over $650 million in sales each.
- Best When Home-Made: Greeting cards earn retailers an estimated $860 million in revenue throughout the holiday weekend.
While Father’s Day is a popular time to spend on those you love with an average of $12 billion spent each Father’s Day it accounts for only about half the spending that occurs on Mother’s Day which averages over $23 billion in each country.
WHAT DEMOGRAPHICS SPEND MORE ON Dad-DAY-GIFTS?
The younger adults tend to have the highest spending rates on holiday gifts and gifts are most commonly bought for a father or stepfather.
- 18 to 24 year-olds spend an average over $160 on their Father’s Day gifts.
- 25 to 34 year-olds still maintain a high average with an average of $158 for their gifts.
- The drop comes at the age group 35-44 with the gift average running at $127.
- 45 to 54 year-olds spend approximately $107 on their gifts.
- In the age category 55 to 64 the average drops to $84.
- The lowest spending category is those aged 65 and up who spend on average $69 for Father’s Day purchases.
As viewed, the rise in age accounts for a lower overall average of spending. Surprisingly, the survey respondents buy for is a wide list of individuals. In fact, it’s a disproportionate one. Fathers and Stepfather dominate the list accounting for 52% of all Father’s Day gifts. However, other categories still show a significant amount of spending. Check out this list of recipients.
Can You Guess Who Gets the Most and Least Attention?
In the first place, 28% of shoppers will buy a Father’s Day gift for their husbands.
9% purchase for their son to celebrate the holiday.
6% spend money on a gift for their brother.
5% make a Father’s Day purchase for a friend.
4% spend money on gifts and cards for grandfathers.
And finally, 1% will purchase something for their Godfather.
The Story of Father’s Day
Did you know this special day of honor for Dad’s began in the early 19th century? As the story goes, Sonora Dodd, the daughter of a Civil war veteran became an active advocate for a day honoring dads. Her own father was a Mr. Mom long before it was cool to be one.
You see, her mother died young and her father raised Sonora and her 5 siblings. She pushed to have Fathers represented with a day the same way mothers had been honored. And with the local pastors’ help, it became a reality.
However, it did not become official for many decades. Father’s Day was assigned as an official holiday by Nixon in 1972.
Below are some other fun facts you may or may not know about the popular shopping holiday.
- The holiday is the fifth highest card sending day and has an estimated $100 million spent on cards each year.
- The most popularly purchased gift for Father’s Day is neckties. (And yet no poll lists them as a Dad’s requested gifts!)
- Female shoppers will spend 50% more on gifts for their dad than their male counterparts.
Terrific Take-Aways for Father’s Day Week
Gavrilov & Co enjoyed researching the factual statistics behind Father’s Day. However, we know it is not about statistics, accounting, and dollars. It’s about showing fathers some love and honor. However, by the way, the bills on this holiday still only account for about half the spending that the Mother’s Day holiday garners retailers. We are happy to report that Father’s Day spending is continuing to rise. We hope this means fathers are being better appreciated.
In today’s economy, we note more and more emphasis on the sacrifice fathers make to support their families. Bravo, Dad. We have also noted that Mr. Moms have changed the family dynamic forever. We have seen with more fathers as caregivers in the home. Many of today’s Dads are stay-at-home dads or single fathers. Likewise, many Dads share both the duties of homemaking and bread-winning as a partner in a 2 parent, 2 income family.
Happy Father’s Day! And Happy Tax Planning from Gavrilov & Co
Thus we hope you have a Happy Father’s Day Week ahead of you. We at Gavrilov & Co plan to focus on feelings rather than dollars with our family time. We’re going to let Dad know he how much we love and appreciate him.