Consumers will spend a record-high $22.9 billion to celebrate Father’s Day this year, according to an annual survey from the National Retail Federation and Prosper Insights & Analytics.
Three-quarters of consumers plan to celebrate Father’s Day this year, NRF noted, which is on par with participation in recent years. Consumers expect to spend a record $196.23 on average, up from $171.79 last year and exceeding the previous record of $174.10 in 2021.
An increase in the percentage of consumers purchasing clothing, electronics, personal care and special outings — and the amount the amount they plan to spend on those categories — is the basis of the expected record highs for collective and average spending.
As in previous years, the most popular Father’s Day gifts are greeting cards, coming in at 61%; clothing, at 55%; a special outing, such as dinner or brunch, at 52%; gift cards, at 48%; and personal care items, at 32%. Half of those celebrating the holiday plan to buy for a father or stepfather; followed by a husband, at 27%, son, at 11%; brother, at 9%; friend, at 8%; and grandfather, at 7%.
Online remains consumers’ primary shopping channel for Father’s Day, with 43% of gift givers shopping digitally, up from 40% last year. another 38% will shop at department stores, up from 34% last year; 24% will shop at discount stores; and 22% will shop at specialty stores.
Of those celebrating Father’s Day, 29% plan to give a gift of experience, such as tickets to a sporting event or concert, up from 25% last year and the highest proportion since NRF started asking about such gifts in 2016, the organization noted. In another approach, 42% of gift givers are considering the purchase of a product subscription box, up from 37% last year, and, again, the highest proportion since NRF began tracking the gift option, which it began in 2019.
“The big spenders this Father’s Day are consumers aged 35-44 who are expected to outspend other consumers by nearly $100,” said Phil Rist, Prosper’s executive vice president, strategy. “Those aged 45-54 plan to increase their spending the most, by spending $57.04 more than they planned last year.”
