It does not take a degree in Economics to understand that higher prices for gasoline and groceries mean that many people have less money to spend on other purchases. The pain felt at the gas pump and supermarket will extend to dads everywhere on Father's Day this year. According to a survey sponsored by the National Retail Federation, average spending for Father's Day 2008 will be an estimated $94.54, down from $98.34 last year. The reduced spending coupled with rising prices means that those buying gifts for their dads will have less buying power. Despite the lower expenditures for Father's Day this year, the NRF says certain retailers will be frequent shopping destinations for buyers. In particular, many shoppers will seek gifts at department stores (ties and cologne, no doubt) and discount retailers.
Just in case dads are tempted to pity themselves about the prospect of a lean Father's Day this year, they can take comfort in the fact that moms felt the sting of a tough economy, too. Average spending for Mother's Day was estimated to be $138.63 this year, down slightly from last year's $139.14, according to the NRF.
Link: National Retail Federation - "Dad Takes a Back Seat to Gas and Food Costs, According to NRF Survey"