Australians are set to spend $860 million on Father’s Day gifts this year.
This is down $12 million (1.3%) from 2022, according to research from the Australian Retailer’s Association (ARA) in collaboration with Roy Morgan.
More than two-thirds (69%) of Australians plan to spend the same amount on Father’s Day this year compared to last year, while 14% plan on spending more and 17% intend to spend less.
The average spend nationally per individual is projected to be $112.
Per head, Tasmania ($204) and Queensland ($168) shoppers are expected to spend the most ahead of Father’s Day, followed by New South Wales ($107).
Shoppers in South Australia ($69), Victoria ($80) and Western Australia ($82) are poised to spend less.
ARA CEO Paul Zahra said spending is marginally down this year due to current macroeconomic pressures.
“With Australians experiencing unprecedented cost-of-living pressures and mortgage holders under extreme financial stress, the decline in Father’s Day spending is no surprise,” Zahra said.
“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. ”
Zahra said shoppers are more likely to spend more when gifting loved ones.
“It’s an important milestone to celebrate the immense contribution of dads and the sacrifices they make, but many Australians also take the opportunity to show their appreciation for their partners, grandfathers, caregivers, and other family members.”
More than a fifth (21%) of Australians will purchase gifts for someone other than their birth father.
The ARA-Roy Morgan Snap SMS survey was conducted with an Australian-wide cross-section on Wednesday, July 19 – Thursday, July 20, 2023.
Father’s Day is this Sunday, September 3.