Australians expected to splurge $753.4 million this Father’s Day
Dads across Australia are about to be spoilt if stats by IBISWorld ring true, with $753.4 million expected to be spent this year, up 3% on 2013. On average Australians are anticipated to spend $51.60 on dad in the lead-up to Father’s Day, up from an average of $50.70 in 2013.
The increase in Father’s Day spending is thanks to a strong Australian economy, healthy consumer sentiment and high incomes with personal-care products tipped to lead the charge, followed by footwear, clothing and accessories.
IBISWorld general manager Daniel Ruthven said spending on personal-care products - face cream, balms, ointments - are expected to top $35 million. “Male grooming products have become increasingly popular, as dads become more comfortable looking after their appearance.”
“Many of these gifts have broad pricepoint appeal, meaning sons and daughters in all income brackets can afford to lavish their fathers with something from around $5 to well over $500,” said Mr Ruthven. For Father's Day alternatives, check out Mozo’s article, Skip the gift, hang out with your dad this father's day.
Ruthven said while spending on mum is almost double what we spend on dad, the gap is closing. “There has been a perceived lack of gift options for fathers, but there is evidence that Australian dads are becoming increasingly comfortable with personal-care gifts from aftershave balm to hand moisturiser, rather than the standard gift of socks and ties.”
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