Predictions for record spending this Father’s Day are not swaying U.S. grocery chains from emphasizing their value seafood offerings.
Americans will collectively spend an estimated record-high USD 22.9 billion (EUR 21 billion) to celebrate Father’s Day on Sunday, 18 June, up from USD 20 billion (EUR 18 billion) in 2022, according to the National Retail Federation’s (NRF) annual survey. Greeting cards and clothing will be the top items purchased for the holiday, according to the survey, which was conducted by Proper Insights and Analytics, but 52 percent of respondents said they will give fathers a special outing such as dinner or brunch.
Of the 79 percent of Americans who plan to celebrate Father’s Day this year, 42 percent plan to grill or barbecue, 34 percent will be cooking inside or baking, and 27 percent will go out for food and drinks, according to a separate Numerator survey.
“Father’s Day remains a momentous occasion for Americans to honor the important men in their lives,” NRF President and CEO Matthew Shay said. “Consumers plan to celebrate the holiday in a big way this year, and retailers are ready to help make it special.”
U.S. consumers will spend an average USD 196.23 (EUR 179.21) per person for Father’s Day, far exceeding the previous record of USD 174.10 (EUR 159.00) in 2021, according to NRF and Prosper Analytics.
As they did for Mother’s Day, which also produced record spending by Americans this year – restaurants, retailers, and e-commerce shops are heavily promoting seafood for the holiday.
The Fresh Market, a Greensboro, North Carolina, U.S.A.-based chain of 159 stores, is selling snow crab leg clusters for USD 9.99 (EUR 9.24) a pound, fresh wild sockeye salmon for USD 19.99 (EUR 18.47) per pound.
Downers Grove, Illinois, U.S.A.-based Fresh Thyme Market, which operates 70 stores throughout the Midwest, is discounting large snow crab clusters for USD 6.99 (EUR 6.46) per pound and king crab claws and arms for USD 17.99 (EUR 16.62) per pound, according to Fresh Thyme Meat and Seafood Merchandising Lead Jason Resner.
“We do expect to see increased sales and volume for meat and seafood items this Father’s Day based on the promotions we will be executing,” Resner told SeafoodSource. “Of course, we have to make sure we are fair and equitable and offer great values on items for dad just like we did for mom back in May for Mother’s Day weekend.”
The wholesale price for snow crab has dropped significantly in recent months, leading to a sales boom across the U.S., with frozen crab sales spiking 41.9 percent in May compared to May 2022, and fresh crab sales jumping 15.4 percent, according to research firm Circana.
Better wholesale prices this Father’s Day are enabling Fresh Thyme to “really offer some great values which we weren’t offering last year,” Resner said.
“That alone will help this holiday on indulgent items like crab legs, jumbo shrimp, and scallops,” he said.
As a result, more people will be able to celebrate Father’s Day at home instead of going out to eat, Resner said.
“A seafood restaurant cannot touch our prices,” Resner said. "While they might have a different ambience and service, the convenience and comfortability of being at home for dad will probably take precedence.”
While the beef market is not favorable to offer value on regular grilling steaks, Fresh Thyme expects shoppers to “splurge for dad – not only on seafood, but also on better-quality items like steaks as well as premium wagyu beef,” Resner said.
“That quality-to-value ratio is not as far as it used to be, considering the conventional beef costs have risen steadily … making that jump to that next premium level a little less to stomach,” he said. “That, paired wonderfully with some snow crab clusters or colossal king crab legs, makes the perfect ‘surf and turf’ to reward dad for being the great dad that he is.”
210 Analytics Principal Anne-Marie Roerink said consumers are balancing saving money on groceries with splurging for special occasions this year. Affordability remains the “undercurrent” to all consumers’ purchasing decisions, but there are still “many reasons for shoppers to splurge a little, whether that is a special occasion or holiday, a brand people love, doing something nice for themselves or others, something that’s a little more healthful, saves time, [or] was ethically produced,” she said.
“In other words, occasion-based marketing and storytelling are more important than ever before,” Roerink said.
Photo courtesy of Fresh Thyme Market
