Consumers Welcome Summer with Big Spending
It’s that time of year again – get ready to uncover those dusty grills and break out the flip flops, the month of June declares the official start of summer. Lucky for retailers, they’ll be cashing in on a double dose of celebrations – Father’s Day and graduation season. With dads and grads sharing the month of June, consumers are expected to spend over $17 billion on gifts between the two. Not surprisingly, dads and grads both share an interest in gift cards and tech toys, yet cash remains king for graduates. The most popular gift for both? Greeting cards, of course! In fact, Hallmark estimates $140 million will be spent on greeting cards alone.
In a study by the National Retail Federation (NRF), president and CEO Mathew Shay notes, “After a less than stellar first half of the year, retailers are ready to welcome the warm weather and the millions of shoppers that come along with it and kick off the summer spending season just in time for Father’s Day.” The NRF estimates the average person will spend $115.57 on Father’s Day gifts and $102.50 on graduates. Additionally, 23.4% of consumers will research products and compare prices on gifts using their smartphone. That being said, any smart retailer should be taking advantage of this dual opportunity – and its digital advertising treasure trove. To help with all your summer media plans, check out some consumer trends and spending habits in the infographic below.