Father's Day is a unique holiday honoring fathers and other father figures.
It is a chance to express gratitude for the efforts and hardships fathers make on their families' behalf.
Father's Day can have a significant economic effect, and observing this effect is fascinating.
We'll explore the holiday's history, its impact on various industries, and how consumers spend money on Father's Day so you can know the numbers behind the holiday.
Why do we Celebrate Dad?
Father's Day is a momentous occasion celebrated across America on the third Sunday of June each year. Sonora Smart Dodd, a woman raised by a single father in Spokane, Washington, decided to celebrate her dad once a year.
Her efforts resulted in the establishment of Father's Day as an official federal holiday in 1972. Father's Day has become an important holiday celebrated in various ways, from small gatherings to grandiose events.
Fathers' Day celebrations honor biological fathers, adoptive fathers, and other father figures such as grandfathers and uncles.
Similarly, any other person who plays an instrumental role in children's lives - such as uncles or any other figure who serves as an important mentor or role model.
Fathers are crucial in influencing their children's conduct and personalities, helping to shape their future selves and society as a whole. Father's Day has become an essential part of American society.
Marketing: Exploiting Consumer Emotions?
Father's Day has evolved into an international holiday. People celebrate it annually to express dignity and regard for fatherhood.
The marketing surrounding Father's Day often takes advantage of people's emotional vulnerabilities by creating a sense of obligation to show their appreciation for their fathers through buying expensive gifts and engaging in extravagant outings.
Businesses employ various marketing techniques to entice consumers and make their products seem more desirable.
Advertising campaigns depict heart-warming scenes of fathers spending time with their children or enjoying a memorable outing on Father's Day.
People consequently experience pressure to spend money on extravagant outings or expensive gifts, sometimes beyond their budget, to express their gratitude to their fathers.
The commercialism surrounding Father's Day is taking advantage of people's emotional vulnerabilities by creating a sense of guilt or obligation to spend money, which can negatively impact their financial well-being.
However, remember that is the thought that matters, so keep that in mind and make sure your father knows that you love him. After all, he wouldn't want you to go broke for giving him a gift.
Who's Planning a Party for Dad?
Father's Day gives us an ideal chance to show our thanks and appreciation to our hardworking fathers. Many people and groups plan parties for their dads on this special day. These people could include family, close friends, or co-workers.
One way to make the day extra special is to surprise Dad with a gift he would never expect.
Another limitation we may face is budget constraints. Some individuals may not afford to treat their dads to costly presents or fancy meals.
Try more personal gifts that don't require a lot of money, such as:
- Handmade cards or gifts
- BBQ party in their backyard or a nearby park
- Take him fishing
- Take him golfing
During the BBQ session, you can crack a few cheesy Dad jokes like:
"Why did the grill break up with the toaster? Because it couldn't ketchup!"
"What did the grape say when it got stepped on? Nothing, it just let out a little whine!"
The most crucial thing on this particular day is to love and appreciate our fathers. With thoughtful planning and budget constraints in mind, making the day special for Dad without breaking the bank is not difficult.
Our Love for Mom & Dad Boosting the Economy
Although Father’s Day may be a great provider to the economy, Mother's Day has consistently surpassed its economic effect, being the 4th most celebrated Holiday in America. However, Father’s Day doesn’t fall too far on the list.
According to research by National Retail Federation (NRF), 75% of Americans expect to celebrate Father's Day.
The NRF estimated that Americans were expected to spend $22.4 billion in 2024, an average of $189.81 per person.
Father's Day has become an increasingly important economic holiday as people express their affection by spending money on gifts and activities for their fathers.
Top Gifts for Dad
Father's Day is a special day to show appreciation for the first person we ever loved, our dads. It's critical to provide them with something worthwhile and practical.
However, many individuals fall prey to picking out stock gifts that require little thought or creativity.
Some of the most common clichés that many people choose for Father's Day include:
- Tie
- Coffee mug
- Watch
- Wallet
- Tool kit
Adding a unique spin to these gifts can make them more special and memorable for your father.
For example, you could choose one in his favorite color or pattern instead of an ordinary tie or even one with a special message embroidered.
Similarly, a watch can be transformed into a thoughtful and personalized present by considering his interests or personality.
A wallet can be made extra special by engraving his name or initials.
It's always the thought that counts, and avoiding gift clichés can show your father that you've taken the time to put in a little extra effort to make his Father's Day gift unique and special.
The Most Benefited Businesses in the “Father's Market”
Father's Day is a special occasion for fathers and their children and a time for businesses to profit from the holiday's commercialized nature.
The businesses that benefit the most from Father's Day are:
- Special outing providers
52% of surveyed expected spending $4.5B
Restaurants, sporting events, and golf courses are some of the most popular places to bring dads. - Typical gifts:
Among the most popular answers the following were mentioned- Clothing: 54%, $3.5B
- Gift Cards: 48%, $2.9B
- Electronics: 24%, $2.4B
- Personal Care: 31%, $1.6B
- Among some very cliché “Dad gifts”
- Tools / appliances: 25%, $1.5B
- Home improvement / gardening: 24%, $1.4B
- Sporting goods: 24%, 1.3B
- Auto accessories: 22%, 1.1B
- Books/CDs: 23%, $700 millions
- Greeting cards:
58% of surveyed expected to spend 900 million dollars
Although most of the surveyed showed interest in buying greeting cards on Father's Day, the amount of money they plan on spending may look small when compared to other categories, but don’t be fooled, this is a $5.1 B industry in the US according to Greeting Card Universe Market Research, and they depend heavily on Holidays.
On the other hand, retailers take part of the earnings on every sale, and how Americans buy their gifts for Dad is just as important.
Envato/lakobchuck
Where are we buying dad's gifts?
According to the NRF survey 42% of Americans were expecting to buy dad’s gifts online, this was the most popular answer, however, brick and mortar store categories (department stores 38%, discount stores 24%, specialty stores 22% and small or local stores 19%.
These industries benefit from the holiday's commercialized aspect to promote it as a chance for families to shower their fathers with gifts of appreciation.
Conclusion
Father's Day is not just a day for celebrating dads but also a significant economic event. The holiday generates a lot of business revenue, and it's interesting to see how much people are willing to spend on their fathers.
Envato/tehhydina
While some may argue that the holiday has become too commercialized, it's important to remember its true meaning.
Father's Day is a time to show appreciation for all the hard work and sacrifices fathers make for their families.
So, whether you spend a little or a lot on your dad, the most important thing is showing him that you love and appreciate him.
