55% of Australia consumers prefer eco-friendly Father's Day gifts

The survey, which was jointly carried out by the Australian Retailers Association (ARA) and market research company Roy Morgan, involved 2,299 participants aged 18 and above. Gift spending for Father’s Day in the country is forecasted to touch $735 million with buyers looking to spend an average of $95.

Clothing/footwear and gift cards/vouchers were favoured by 18 per cent and 14 per cent of consumers, respectively. Around 36 per cent of Australian consumers have plans to buy a Father’s Day gift, which is a 4 per cent decrease from the previous year.

“There’s no doubt it’s an incredibly difficult period for many businesses and consumers as inflationary pressures take hold. Mortgage holders are under added financial stress with four interest rate hikes in a row, and with consumer confidence waning, it’s not a surprise to see the spending forecasts for Father’s Day down a bit this year,” ARA CEO Paul Zahra was quoted saying in a press release.

“Father’s Day is the last gift-giving event before Christmas and provides retailers with a good barometer for how consumer discretionary spending is likely to track over the festive season. The concern is with inflation yet to peak, and cost of living challenges likely to worsen before they get better, consumers will be squeezed even further when it comes to their discretionary purchases,” he added.

Father’s Day in Australia, which is observed on the first Sunday of September, will be celebrated on September 4 this year.

ALCHEMPro News Desk (NB)