Crunching the numbers on Father's Day | Adelaide Now -g-icon-error cloudy-day nav_small_right nav_small_right nav_small_right nav_small_right nav_small_right nav_small_right nav_small_right nav_small_right nav_small_right 0A0871E9-1636-49F4-9041-2E36E2BB5

by:Yovog     2022-02-06
Crunching the numbers on Father\'s Day | Adelaide Now -g-icon-error cloudy-day nav_small_right nav_small_right nav_small_right nav_small_right nav_small_right nav_small_right nav_small_right nav_small_right nav_small_right 0A0871E9-1636-49F4-9041-2E36E2BB5  -  double electric toothbrush
Socks, trousers and ugly ties.
When choosing a Father's Day gift, economists have some simple advice: Think carefully.
According to industry analyst IBISWorld, Australia is expected to spend $0. 66 billion today to destroy our dad.
The average cost per Australian is $28.
It's less than half the average $60 Mother's Day for DAD.
But she did give you nine months so let's not resent mom.
For dads, the biggest expense this year may be to go out for a special meal ($0. 165 billion ).
Electronics and electronics ranked second ($87 million), followed by gift cards ($64 million), clothing ($64 million), sporting goods and clothing ($61 million ). Hardware ($57 million), alcohol ($34 million), books and CDs ($32 million) and personal care supplies ($30 million ).
But what does your dad really want? The first step in giving a good gift, economists say, is to admit that you will never really know what Dad wants.
Economists believe that the economy is a huge market in which people come together for mutually beneficial transactions to increase their well-being.
In the world of economists, only individuals can know their true wishes and preferences.
Trying to guess a person's favorite family or friend-
Give them gifts-
It is likely to be misjudged.
So when you buy an electric toothbrush for dad for $30, he only values $5 because he is happy with the old toothbrush, you have created a "deadweight loss" of $25 for the economy ".
This "deadweight loss" is the difference between the money spent by the giver and the value gained by the giver --
How much they are willing to pay for that project.
In the experiment, American economist Joel Waldfogel, author of the book "Let students calculate the importance they attach to the gifts they receive with a dollar.
The results showed that the student's valuation of the gift was 1 out of 10-3 points less than the price paid for them.
Given that the total cost of Father's Day is $0. 66 billion, this is at least $66 million to lose weight, and perhaps more.
According to economists, what can we do? The biggest gift you can get on this Father's Day is cash.
They don't think it's useless science!
Pay $50 for a colorful knit jumper for your dad who will stay warm in the winter.
Give him $50 and he can go and buy something he really wants to wear.
The second best option to minimize the unnecessary loss of giving gifts is to give gift cards or store cards.
The advantage of doing so is to show dad that you spend at least a few minutes thinking about what makes him happy, while also giving him the freedom to choose the gift he cherishes.
The third option is to give something that might affect your dad's values.
Maybe if you buy him a CD for Adele, he might find that he likes it and doesn't listen to Bruce Springsteen all the time.
So the third gift option is to give Dad something you really love.
After all, you are his child.
The fourth option is not to give gifts, but to promise to stop doing what really annoys him, like putting all your clothes on the floor or listening to a direction all the time.
This can improve his health in the same or more ways as any gift.
The last option, my favorite, is simply a gift for time.
Time is the most precious and scarce commodity that each of us must pay.
So if you're lucky enough to be with your father today, why not go out for a walk, blow the wind and listen to him tell a boring story?
Who knows you like it too?
What is the average cost of Father's Day in Australia this year.
The average cost of Mother's Day this year is more than double that of dad.
On Father's Day this year, Australians are expected to come up with a total amount to spoil their father, including dining out and gifts, instead of $1.
Mothers 36 billion
Father's Day consumption in cafes and restaurants
The biggest component of Father's Day spending.
Buy the latest gadgets or appliances for dad, the most popular gift for Father's Day.
Dad's spending on gift cards has increased this year, the second most popular gift option, with the fastest growth.
Dad's spending on sporting goods and clothing has fallen this year, the biggest drop in the popularity of gifts.
The average amount spent by Australians on Christmas in last December, including gifts, food and drinks.
Average consumption of four Australians-
This year's Easter holiday includes Easter eggs, fish, travel, food and wine.
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