Father’s Day spending expected to reach an all-time high of $16 billion
Americans to spend more than ever on gifts for Father’s Day. Source: unsplash.com
Americans are expected to spend more than ever on gifts for Father’s Day this year, according to the National Retail Federation’s annual survey conducted by Prosper Insight & Analytics. Total spending for the holiday is estimated to reach $16 billion, up from last year’s $15.3 billion.
Father’s Day spending has grown 70%, approximately $6.6 billion, since 2009. The biggest drivers of Father’s Day spending are growth in spending by consumers ages 35-44, and spending on clothing, special outings, and gift cards. This year, 75.9% of people plan to celebrate and are expected to spend a record $138.97, up from last year’s $132.82, and up from $91 in 2009.
Consumers ages 35-44 plan to spend the most at an average $197.66, over $100 more than this age group spent 10 years ago. Men planned to spend the most for Mother’s Day this year and are also likely to spend more than women for Father’s Day at $160.74 compared with $118.29.
According to the survey, consumers plan to purchase the following for Father’s Day:
When searching for the perfect gift, 39% of consumers will head to department stores, 34% will shop online, 24% will shop at a discount store, 23% at a specialty store, 11% at a specialty clothing store and 2% via catalog. Over half (57%) of smartphone/tablet owners plan to use their device to assist in Father’s Day gifting decisions, with 38% using their mobile device to research products and compare prices.
More than half of those surveyed plan to buy for their fathers or stepfathers (53%) while others will shop for their husbands (27%) or sons (9%) among other dads in their lives.
