Father’s Day 2023 spending expected to drop as cost-of-living pressures bite
Father’s Day 2023 spending is expected to drop as cost-of-living pressures mount
Spending on Father’s Day gifts is expected to fall as cost-of-living pressures mount, but one state is expected to spend more money than the rest of the country.
According to research from the Australian Retailers Association and Roy Morgan, families will spend $860 million on gifts.
That’s $12 million less than last year, or about 1.3 percent.
The drop comes as no surprise, but is still a much-needed boost for retailers, says Paul Zahra, CEO of the association.
Father’s Day spending is expected to be about $12 million less than last year, or about 1.3 percent (stock image)
“Retailers will continue to be encouraged by the $860 million expected spend, which will provide relief for some retailers from intense pressure from rising operating costs and an overall slowdown in discretionary spending,” said Zahra.
“Father’s Day is another gifting event that is all about giving back. We find that when shoppers show appreciation for loved ones, they are more likely to spend.”
Tasmanians will spend the most at an average of $204 per person, followed by Queensland at $168 and NSW at $107.
Paul Zahra, CEO of the Australian Retailers Association (pictured), said the $860 million Aussies set to spend on gifts this Father’s Day will be a much-needed boost for retailers
Western Australian shoppers will be tipped $82, while Victorians will spend $80 and South Australians $69.
Whiskey, gin and wine topped the list of most popular gifts, followed by clothing, electric razors and coffee makers.
Two-thirds of people said they would spend the same amount on gifts as last year, but 17 percent said they were cutting back.
Over a fifth planned to buy gifts for someone other than the biological father.