Today is a day to honor dads. The National Retail Federation says that spending for Father’s Day this year could hit a record $15.3 billion (down slightly from last year’s $15.5 billion). The biggest spenders: those between age 25 and 34 (on average $188). “Outing gifts” (concerts, sporting events, dinner) represented the largest share of spending (47%). The most common gift this year is clothing (43%), followed by greeting cards (42%). Good news: 17.7% of consumers plan to shop at local or small businesses. Happy Father’s Day to all the fathers out there!
Barbara Weltman
Big Ideas for Small Business
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