Family holidays guarantee family spending on gifts. That’s why I like to give you the spending averages and information to help you manage your gift budget. If you’ve ever wondered what the average family is spending this Father’s Day, then this post is for you.
Americans Like Dad About 2/3 as Much as Mom
It’ll be dad’s special day and that can only mean one thing; lots of gifts, but not as expensive as mom. This June 2012, families are budgeting $117.14 on gifts for dad. As usual, mom came out on top last May with an average budget of $152. No guilt junior, moms have historically received more in gifts than dads and besides, who was doing all the heavy pushing on the day you were born anyways?
Men Spend More Than Average/Women Spend Less
As helpless as ever with gift shopping, men outspend women by 27% and the average shopper by 12%. The average male is budgeting $131.52 for dad while the average women; $103.57. However, this is nothing new. Men always outspend women on the gift budget. Either men don’t know how to shop or women are heartless cheapskates.
Come on guys, would it hurt to find a sale or cut a coupon?
Young Adults Love Their Dad the Most
While everyone loves their dad, based on size of budget, younger adults had the highest total budget compared to any other demographic. Those 18-24 are planning on spending $157.41. While people aged 25-34 have a budget of $166.55. I can only wonder why this is the case. Perhaps families with new fathers find greater appreciation for the holiday?
Get Dad Out of the House Tops Gift List
Apparently dad’s been puttering a little too much around the house lately as outings topped the list of most popular Father’s Day Gift. Families plan on spending a total of $2.3 billion taking dad out to lunch, movies or attending a sporting event. It’s a three way tie for second. A total of $1.7 billion each will be spent by American families to purchase electronics, gift cards and apparel for data.
Now that you know the numbers, it’s time for the My Family Finances boilerplate on how to save money on your gift budget.
- Search online before making any purchase. It often takes ten minutes to save a few bucks this way.
- Plan your gift in advance. This gives you the option of waiting for a deal to come along. The more time you have to shop, the more likely you are to find a sale or better price.
- It’s about thoughtfulness and not price tag. Think of things that your dad really could use or appreciate. The newest gadget may be cool, but completely unnecessary.
Have a great weekend celebrating with your fathers this weekend!
Is the average family budget for Father’s Day too high at $117, too low or just right? What’s your budget? Are you doing anything to help keep the gift budget under control?
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