New research by money.co.uk reveals that Brits are tightening their belts this Father’s Day as coronavirus lockdown restrictions cause budgets to be slashed by more than a third (37%) across the UK. This is higher in Cardiff however, as spending is set to plummet by 55%.
However, it is not just spending that will see a decline. With social distancing guidelines in place, nearly half of dads (45%) won’t be seeing their children in person this Father’s Day.
Sadly, the biggest blow this Father’s Day falls on the hospitality industry as restaurants across the UK are predicted** to miss out on over £150 million as doors remain closed due to COVID-19.
Insight from the personal finance experts at money.co.uk reveals that dads are set to receive a gift costing £11 less than 2019, with the average spend down from £31 to £20. This is in line with trends from a lockdowned Mother’s Day in March, when sales dropped by almost 6%.
Despite the decline, Brits are much more likely to spoil their mums. On average, Mum’s received a gift worth £58, which is £38 more than the average Father’s Day 2020 gift budget.
Regionally, gifting budgets differ with children in Brighton (£25.88), London (£24.61) and Newcastle (23.89) set to spend above the national average.
Whereas gifting budgets in Leeds (£16.28), Edinburgh (£16.51) and Plymouth (£17.03) are the lowest in the UK.
Children in Cardiff are predicted to spend just below the £20 average. The survey from money.co.uk highlighted spend within the City to average at £19.
Salman Haqqi, personal finance expert at money.co.uk said: “As lockdown restrictions continue to hit budgets across the UK, spending on gifts is predicted to drop dramatically as people can no longer afford to splash out on non-essentials.
“It’s great to see that, despite families tightening their purse strings, the majority of children are still set to celebrate Father’s Day in one way or another.”
For further guidance on how you can best manage your finances this Father’s Day, use the gifting budget comparison tool from money.co.uk : https://www.money.co.uk/guides/fathers-day-spending-2020