Father’s Day is right around the corner (Sunday, June 18th) and new research reveals Americans will be spending more on it than ever before. According to the National Retail Federation’s annual survey, consumer spending is expected to reach $22.9-billion, more than any other year since they started tracking in 2003.
The survey of more than 84-hundred Americans finds three-quarters plan to celebrate Father’s Day this year, which is about the same as in recent years. Consumers are expected to spend an average of $196.23 each, up from $171.79 last year.
- Half of the people celebrating the holiday plan to buy for their dad or stepdad, while 27% will be buying for a husband, 11% for a son, 9% for a brother and 9% for a grandfather.
- As for what they’re buying, the most popular gifts include clothes (55%), an outing like dinner or brunch (52%), gift cards (48%) and personal care items (32%).
- Almost a third (29%) are planning to give a gift of experience, like tickets to a sporting event or concert.
- Online is the main shopping destination for 43%, while 38% will be shopping at department stores, 24% at discount stores and 22% at specialty stores.
- The big spenders for Father’s Day this year are consumers between 35 and 44-years-old, who are expected to spend nearly $100 more than other consumers.
Source: National Retail Federation