WASHINGTON, D.C. – Father’s Day spending is expected to total a near-record $15.3 billion this year, according to a study by the National Retail Federation and Prosper Insights & Analytics. A total of 77% of Americans will celebrate Father’s Day and spend an average of $133 per person.
“We are pleased to see consumer confidence continue to rise, leading to another near-record holiday spend on Father’s Day,” NRF President and CEO Matthew Shay said in a press release. “Leading into the second half of the year, Americans are looking forward to treating their dads, and retailers will be prepared to offer a variety of gift options that will create new memories on this special day.”
The expected spending would be second only to last year’s $15.5 billion, the highest in the 15-year history of the survey at an average $135 per person. Individuals between the ages of 25 and 34 will be the biggest spenders this year at an average $188 per person.
According to the survey, consumers plan to spend $2.2 billion on clothing (purchased by 43% of shoppers), $2.1 billion on gift cards (42%) and $1.8 billion on consumer electronics (20%). In addition, $878 million will be spent on home improvement supplies (16%), $862 million on personal care products (19%), $844 million on greeting cards (63%) and $830 million on tools or appliances (16%). Another $798 million will be spent on sporting goods or leisure items (16%), $686 million on automotive accessories (16%) and $628 million on books or music (22%).
The survey found 47% of consumers plan to give a “special outing” gift, such as a concert, sporting event or dinner. This category represents the largest share of spending at $3.2 billion. “Special outing gifts have steadily grown in popularity for Father’s Day since their lowest point in 2009,” Prosper Insights Executive Vice President of Strategy Phil Rist said.