WASHINGTON—Americans will honor dads in a big way this year, with total spending for Father’s Day estimated to reach $16 billion, up sharply from $15.3 billion in 2018, according to the National Retail Federation’s annual survey, reports Chain Store Age.
“Fathers, husbands and sons can expect to feel the love this Father’s Day,” said Matthew Shay, CEO, NRF. “Over the past decade, spending on Father’s Day gifts has increased significantly. Retailers are ready with gifts that will have no problem impressing dad.”
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 between the ages of 35 and 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 between the ages of 35 and 44 plan to spend the most at an average $197.66, more than $100 above what 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.
“It’s important to consumers of all ages that their gift for dad is unique and creates a special memory,” said Phil Rist, Prosper vice president of strategy. “For example, subscription box services have become a popular unique gift option, particularly among younger consumers.”