It’s still no Mother’s Day when it comes to dropping cash, but Father’s Day is becoming a retail hit.
Spending is expected to rise 2.1 percent this year, according to IBISWorld research. Sales are expected to bounce from $12.9 billion last year to $13.2 billion this year. For comparison, Americans spent over $17 billion on mom in May.
From the LA Times
Celebrants will also splurge on less practical gifts, such as golf clubs and personal care products instead of clothing. And the largest increase in spending will come in greeting cards, where a 9 percent push will bring sales to $920 million for the holiday.
Looks like it’s not just neckties and socks anymore.