SYDNEY, Aug. 3 (Xinhua) -- Australia's national retail body on Thursday projected a "modest dip" in Father's Day spending - down 1.3 percent from 2022, as cost-of-living pressures cause hip-pocket pain for shoppers.
According to Australian Retailers Association (ARA), Australians are set to splash out approximately 860 million Australian dollars (562 million U.S. dollars) on gifts for the upcoming Father's Day on Sept. 3, the first Sunday of the month.
The shopping spree, though providing a "much-needed" boost for retailers, is likely to drop 12 million Australian dollars (about 7.8 million U.S. dollars) when compared to 2022.
Researchers from ARA in collaboration with Roy Morgan estimated that this year, 35 percent of Australians plan to buy a gift for Father's Day, spending an average of 112 Australian dollars (about 73.21 U.S. dollars) per person.
Food and alcohol are the most popular gifts, followed by clothing and shoes as well as books, music, and games.
"With Australians experiencing unprecedented cost-of-living pressures and mortgage holders under extreme financial stress, the decline in Father's Day spending is no surprise," said ARA Chief Executive Officer Paul Zahra.
"Retailers will still be encouraged by the 860 million Australian dollars projected spend, which will provide a reprieve for some retailers from the intense pressure due to rising operating costs and an overall discretionary spending slowdown," Zahra noted. ■