Mom still gets lavished with more expensive gifts, but this year, Dad is catching up on affection with expected Father’s Day spending rising 2.1%.
Sales for the holiday on June 16 will reach $13.2 billion from $12.9 billion in 2012, as the improving economy puts more discretionary income in consumers’ pockets, according to research firm IBISWorld.
Earlier this year, spending on Mother’s Day rose 0.2% to $17.1 billion, the Santa Monica-based group found.
The most substantial chunk of money dropped on paternal appreciation will go toward special outings, with 18.8% of total sales generated from meals out or sporting events. That’s a 3.5% boost to $2.48 billion spent on the category, according to IBISWorld.
Celebrants will also splurge on less practical gifts, such as golf clubs and personal care products instead of clothing. And the largest increase in spending will come in greeting cards, where a 9% push will bring sales to $920 million for the holiday.
And as temperatures start to warm after a prolonged cold snap and housing prices rise, shoppers will spend more on home improvement gifts for Dad. Auto accessories and tools, while still popular, will suffer a 3.4% sales slide.