With retail spending on Father’s Day in the UK forecast to reach £695m in 2024, up 1.8% on 2023, retailers must kick off Father’s Day promotions earlier, advises GlobalData.
According to the data analytics and consulting company, the UK Father’s Day market is less than half the size of the UK Mother’s Day market, with the latter occasion boosted by the amount spent on gifts, despite food spend being similar to Father’s Day.
GlobalData retail analyst Tash Van Boxel commented: “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 capitalise on this opportunity, given that consumers across the UK have grown accustomed to celebrating the occasion at home.”
GlobalData’s May 2024 monthly survey of 2,000 respondents has revealed that the most popular option chosen by those intending to celebrate the occasion was spending time with family or visiting Dad.
“Given that the UK Father’s Day market is still relatively small, there is a lot of potential for growth”
GlobalData retail analyst Tash Van Boxel
Tash said this highlights that “retailers will have to work hard to entice spending this year. They must promote food and 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% 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% agreeing that retailers do not do enough to provide gift inspiration for the occasion [based on the findings of the May 2024 monthly survey], GlobalData predicts that “retailers have their work cut out to bolster gift spend this year. They can combat this uncertainty by increasing advertising around the occasion, showcasing their range of affordable gifts”.
Tash added: “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.”
Father’s Day is held on the third Sunday in June. This year, Father’s Day falls on Sunday June 16.
