Putting a smile on dad’s face this Father’s Day may not take much.
According to research from RetailMeNot, 40% of dads would most like to receive gift card this Father’s Day. Meanwhile, 27% of fathers would prefer apparel as a present, while another 18% hope to receive alcohol.
When it comes to dining preferences for dads’ day, there’s about an even split, according to RetailMeNot. Just under one-third (32%) of fathers would like dinner from a restaurant, while 27% would prefer a home-cooked meal.
However, with restrictions still in place due to COVID-19, Father’s Day may not be able to include a traditional in-person get-together for many Americans — but according to the National Retail Federation, the majority of U.S. consumers are still going to celebrate. The firm found that 75% of Americans are planning to celebrate Father’s Day this year, with 58% indicating plans to participate in virtual festivities.
With in-person celebrations cancelled for some amid the pandemic, the NRF found that consumers are planning to spend $149 on gifts for dad this year, a year-over-year rise of $10. The NRF is projecting that consumers will spend a total of $17 billion for Father’s Day, up from a record high of roughly $16 billion last year.
Watch on FN
“A lot of the everyday activities that consumers may have taken for granted like a family cookout or simply being able to give their dads a hug were put on pause with COVID-19,” Prosper Insights EVP of strategy Phil Rist said. “As a result, many people want to make this Father’s Day stand out.”
The expected increase in Father’s Day spending may come as positive news to retailers — as the coronavirus crisis hit the industry hard, forcing temporary store closures and in many cases causing significant decreases in sales. Many retailers took moves this spring aimed at bolstering liquidity, such as cutting back operating expenses, furloughing store workers and tapping revolving credit lines. With the coronavirus compounding existing challenges for brick-and-mortar, a growing list of companies have also filed for bankruptcy since last month, among them J.Crew, Neiman Marcus Group and JCPenney. What’s more, many store closures that were meant to be temporary could become permanent, according to Coresight Research. The firm forecasts between 20,000 and 25,000 net closures in 2020, compared with a record high of 9,500 closures last year.