Retail spending on Father’s Day in the UK is forecasted to reach £695 million in 2024, states a latest report, suggesting retailers must kick off Father’s Day promotions earlier.
The UK Father’s Day market is less than half the size of the UK Mother’s Day market, with the latter occasion being boosted by the amount spent on gifts, despite food spend being similar to Father’s Day, says GlobalData, a leading data and analytics company.
Tash Van Boxel, retail analyst at GlobalData, comments, “Given that the UK Father’s Day market is still relatively small, there is a lot of potential for growth. However, retailers must make an effort to capitalize on this opportunity, given that consumers across the UK have grown accustomed to celebrating the occasion at home.
"The most popular option chosen by those intending to celebrate the occasion was spending time with family or visiting Dad, highlighting that retailers will have to work hard to entice spending this year. They must promote food & drink offers to attract those hosting events at home to mark the occasion, to appeal to consumers who choose to celebrate by spending quality time with their fathers.”
With 40 per cent of consumers agreeing that they find it hard to buy the right thing for their loved ones for Father’s Day and a further 40 per cent agreeing that retailers do not do enough to provide gift inspiration for the occasion, retailers have their work cut out to bolster gift spend this year. Retailers can combat this uncertainty by increasing advertising around the occasion, showcasing their range of affordable gifts.
Van Boxel adds, “Most retailers do not market Father’s Day gifting and card options until close to the occasion, meaning that consumers are unlikely to start spending early and spread the cost or indeed be encouraged to pick up small add-ons that can quickly mount up to a larger spend on the event.
"In contrast, Mother’s Day gifting displays often appear in February, just after Valentine’s Day, giving consumers gifting inspiration well in advance. Retailers must have a similar marketing schedule for Father’s Day to bolster demand and promote growth in the UK Father’s Day retail market.”
