This Father’s Day, dear-old dad is expected to have to make do with less according to new data from IBIS World Research.
According to the report, Father’s Day spending will be down across top categories like home improvement (-28%), gift cards (-21%) and electronics (-16%).
However, despite the economic downturn and retail sales plummeting, dads may be going from handyman to dandyman, as sales of pampering services and related products are expected to increase 35.7%.
Perhaps as a well-meaning gift attempt to destress dads, purchases of spa services, personal care products, and greeting cards is emerging as this holiday’s fastest growing gift category with consumers expected to spend $190 million compared to $140 million in 2008.
“Traditional Father’s Day gifts, such as tools and electronics are declining this year while spa services, personal care products, and greeting cards are increasing,” explained Toon van Beeck, senior analyst with IBIS World. “It seems that ‘New Age’ dads are this year’s fad.”
According the U.S. Census Bureau, there are an estimated 66.3 million fathers in the nation today, which demonstrates the impact spending on Father’s Day has on the U.S. economy.
Despite the downward economic trend, there’s no word on its impact on the age-old practice of buying dad a tie for his big day — the gaudier the better!
Tom Kraeutler is the AOL’S Home Improvement Editor and co-author of My Home, My Money Pit: Your Guide to Every Home Improvement Adventure. He delivers home improvement tips each week as host of The Money Pit, a nationally syndicated home improvement radio program.