Father's Day spending is expected to jump significantly this year, according to the Washington, D.C.-based National Retail Federation, reports the Washington Business Journal. Americans will spend an average of $106.49 on Father's Day gifts this year, up from $94.32 in 2010, and the highest in the eight years the survey has been conducted. Total Father's Day spending this year will be $11.1 billion, versus $9.8 billion last year and $9.4 billion in 2009.
Spending on dads is catching up to gifts for moms, though Mother's Day spending still outpaces Father's Day spending, with the average outlay for a Mother's Day gift this year of $140.73.
"Spending on Dad has taken a backseat for the past few years, but some kids and wives are planning to make up for lost time this Father's Day," said NRF CEO Matthew Shay. "Shoppers seem to be more excited when it comes to gift giving, an encouraging sign for retailers - and dads - everywhere."
According to the retail group's survey, more people will be taking Dad on a special outing this year, spending $2.1 billion on activities like golfing, eating out or going to the movies. Gift cards ranked second, at $1.4 billion, followed by tools, clothing, electronics and sporting goods.
According to online grocery sales data collected by MyWebGrocer, sales of premium steaks are seeing a dramatic increase in the weeks leading up to Father's Day. MyWebGrocer defines premium steaks as filet, New York, sirloin, rib eye and t-bone. These pricier cuts have seen a steady increase in sales each year during the week of Father's Day since 2008, indicating that this trend will continue for the 2011 holiday. Last year, sales of premium steaks increased upwards of 75 percent during the week of Father's Day compared to the previous week. Data also shows that grilling premium steaks on Father's Day is more popular than on Memorial Day. Steak sales Father's Day week have been up at least 14 percent over sales Memorial Day week in the last three years.
So throw some premium steaks on the barbie for that most important man in your life.