This Sunday the Dads of Australia get to stretch out and ignore the mess in the shed, the length of the lawn and the filthy barbeque. They can even watch a footy game on TV without being harassed, because Sunday September 4th is Fathers’ day.
But one thing Dads can’t do this Sunday, according to business information research firm IBISWorld, is pat themselves on the back for giving the economy a pickup on their special day. Indeed, the firm predicts Fathers’ Day spending will be up just 1.72% compared to last year’s celebration, with the $647.6 million to be splashed on dads probably less than last year’s effort if you look at the inflation rate.
IBISWorld’s General Manager Karen Dobie says the reason for the very small growth is nervousness among consumers, thanks to “bad news in the global markets.”
Dobie says that in good times “we tend to buy a gift for Dad and treat him to a meal out as well.” In these uncertain times, “buyers are expected to choose one or the other – with eating out likely to come out on top.”
That means the news is not all bad, as cafes and restaurants can look forward to a busy Sunday. Cashflow mavens at hardware chains are about to have a good week too – IBISWorld says gift cards account for 10% of Fathers’ Day spending and hardware and electrical spending is set to rise by 4.71% to $141.8 million.
But book & music plus music retailers will cop it, as families hit cafes instead of buying new media for dad. Books & music will shed 5.81% of sales, reducing revenue to $30.2million compared to 2010’s $32million. Clothing will fall 5.6% to $65.4 million.
Overall, IBISWorld says each Dad will have $28.10 lavished on them.
That’s 13% less than is spent on the average Mothers’ Day present.
Maybe Dad needs to get off the couch more often?