Bankintercard's report shows that spending on Father's Day is up 20% compared to six years ago
The sixth Bankintercard Report from Bankinter Consumer Finance on "Dayketing Spending", which has now been published by the company, illustrates how spending on traditionally special days has bounced back following the pandemic. When compared with data for 2016, when data for the Bankintercard Report was first collected, meaning that this is more than just an exercise involving distorted spending patterns due to the events of 2020, spending is up 20%.
Día de San José (Saint Joseph's Day), which takes place on 19 March in Spain and is also Father's Day in many Spanish regions, is a special date in the diary when, surprisingly, most card spending is by parents on their children. It is a day of gatherings and celebrations around food, meaning that the highest spending on that day in 2021 was seen in supermarkets and restaurants (22% and 17% of the total expenditure, respectively).
However, the average spend per person dropped 15% from 2016 to 2021. As with other celebration days, Generation X spends the most out of all of the generations (it is a fully economically active and has the largest purchasing power), while Millennials spend the least.
By contrast, spending by Seniors rose the most across all generations, increasing by 47% between 2016 and 2021. However, spending on Father's Day was up across all age groups, with the exception of Millennials, who are gradually losing interest in the tradition and cutting back on their spending.
From a gender perspective, men spent more than women, as many of them are the focal points of the celebration, but, following the trend, female spending grew more throughout this period, at a rate of 23%.
Even though Father's Day is a celebratory event involving spending in-person (in 2021, spending in physical stores accounted for 76% of the total spend), spending on Amazon has skyrocketed over recent years. As a result, spending on this platform was up 537% over the period being analysed.
From an autonomous-community perspective, the Basques spend the most on Father's Day. Spending is up the most on the Balearic Islands, with a rise of 112%, followed by La Rioja, with an increase of 103%, and Cantabria, with 95% growth.
About Bankinter Consumer Finance
Bankinter Group's, 100% owned, consumer finance subsidiary is one of the financial institutions with the highest growth in the Spanish banking sector in recent years, as a result of following Bankinter's prudent credit risk policy. At the end of the 2022 financial year, excluding Avant Money mortgages in Ireland, Bankinter Consumer Finance has a portfolio of 3.9 billion euros, which is up 26% on the previous year.