Father’s Day spending dips over cost-of-living stress
Rachael Ward |
Spending on Father’s Day gifts is tipped to drop as cost-of-living pressures bite, but one state is expected to splash more cash than the rest of the country.
Families are set to fork out $860 million on gifts, according to research from the Australian Retailers Association and Roy Morgan.
That’s $12 million less than last year, or about 1.3 per cent.
The drop comes as no surprise but is still a much-needed boost for retailers, says association chief executive Paul Zahra.
“Retailers will still be encouraged by the $860 million projected spend, which will provide a reprieve for some retailers from the intense pressure due to rising operating costs and an overall discretionary spending slowdown,” Mr Zahra said.
“Father’s Day is another gift-giving event centred around giving back and we find that when shoppers are showing appreciation for loved ones, they are more likely to splash out.”
Tasmanians are set to spend the most at an average of $204 per person, followed by Queensland at $168 and NSW and $107.
West Australian shoppers are tipped to drop $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 shavers and coffee makers.
Two thirds of people said they would spend the same amount on presents as last year, but 17 per cent said they were cutting back.
More than a fifth planned to buy gifts for someone other than their birth father.
AAP
