CNN/Money One for credit card only hard offer form at $9.95 One for risk-free form at $14.95 w/ $9.95 upsell  
News > Fortune 500
graphic

Iraq, gas prices clip Dad Day spending
High prices at the pump and the war in Iraq are hurting spending, but fathers won't be forgotten.
June 4, 2004: 3:45 PM EDT

NEW YORK (CNN/Money) - Honoring thy father doesn't mean breaking the bank.

And this Father's Day, Dad may get a little less, partly because of higher gas prices, according to a survey by the National Retail Federation, a group of the nation's biggest store chains.

The average consumer will spend $86.19 on gifts for the holiday, down from a high of $99.65 last year, with Father's Day spending this year expected to reach $8 billion, according to the NRF.

"Consumers still appear a little cautious when it comes to discretionary spending. Father's Day spending could be reflecting the impact of higher gas prices and the situation in Iraq," NRF CEO Tracy Mullin said in a statement.

The survey found that 72.1 percent of those polled will celebrate Father's Day, up from last year, but still less than the 81.8 percent of consumers who celebrated Mother's Day in May, spending $10.4 billion on the holiday.

Women are largely to blame for the decrease in spending, said the NRF, spending an average of $89.77 compared with $101.38 on Father's Day last year. Men will spend an average of $82.19, up from $70.89 last year.

Although the numbers imply that taking mom to brunch is more fun than taking dad fishing, 41.6 percent of consumers said they are planning a special outing for Father's Day, which falls on June 20.

And most fathers can at least expect a card, with nearly three in four consumers saying they would send at least one.

As for other popular gifts, 35.6 percent of respondents said they will buy clothing, 27.6 percent will give gift certificates, and 23.8 percent plan to buy books or CDs.  Top of page




  More on NEWS
JPMorgan dramatically slashes Tesla's stock price forecast
Greece is finally done with its epic bailout binge
Europe is preparing another crackdown on Big Tech
  TODAY'S TOP STORIES
7 things to know before the bell
SoftBank and Toyota want driverless cars to change the world
Aston Martin falls 5% in its London IPO




graphic graphic

Most stock quote data provided by BATS. Market indices are shown in real time, except for the DJIA, which is delayed by two minutes. All times are ET. Disclaimer. Morningstar: © 2018 Morningstar, Inc. All Rights Reserved. Factset: FactSet Research Systems Inc. 2018. All rights reserved. Chicago Mercantile Association: Certain market data is the property of Chicago Mercantile Exchange Inc. and its licensors. All rights reserved. Dow Jones: The Dow Jones branded indices are proprietary to and are calculated, distributed and marketed by DJI Opco, a subsidiary of S&P Dow Jones Indices LLC and have been licensed for use to S&P Opco, LLC and CNN. Standard & Poor's and S&P are registered trademarks of Standard & Poor's Financial Services LLC and Dow Jones is a registered trademark of Dow Jones Trademark Holdings LLC. All content of the Dow Jones branded indices © S&P Dow Jones Indices LLC 2018 and/or its affiliates.

Most stock quote data provided by BATS. Market indices are shown in real time, except for the DJIA, which is delayed by two minutes. All times are ET. Disclaimer. Morningstar: © 2018 Morningstar, Inc. All Rights Reserved. Factset: FactSet Research Systems Inc. 2018. All rights reserved. Chicago Mercantile Association: Certain market data is the property of Chicago Mercantile Exchange Inc. and its licensors. All rights reserved. Dow Jones: The Dow Jones branded indices are proprietary to and are calculated, distributed and marketed by DJI Opco, a subsidiary of S&P Dow Jones Indices LLC and have been licensed for use to S&P Opco, LLC and CNN. Standard & Poor's and S&P are registered trademarks of Standard & Poor's Financial Services LLC and Dow Jones is a registered trademark of Dow Jones Trademark Holdings LLC. All content of the Dow Jones branded indices © S&P Dow Jones Indices LLC 2018 and/or its affiliates.