WASHINGTON—Consumers plan to spend an average of $171.79 this Father’s Day, and total consumer spending is expected to total $20 billion, close to last year’s record-setting figure of $20.1 billion, according to a consumer survey by the National Retail Federation (NRF). About 76% of U.S. adults are expected to celebrate Father’s Day.
“Despite growing concerns about inflation, consumers plan to spend approximately the same amount as last year in celebration of Father’s Day,” NRF President and CEO Matthew Shay said. “Spending patterns also reflect the sentimental nature of the holiday as consumers are prioritizing unique and meaningful gifts.”
Of those surveyed 44% said “finding a gift that is unique or different” is the most important factor influencing Father’s Day purchases, while 37% said “finding a gift that creates a special memory.”
One-quarter of consumers (25%) plan to give “gifts of experience” such as tickets to a concert or sporting event. Another 37% are interested in extending the longevity of the celebration by gifting a subscription box service.
“Spending in the most popular gift categories closely mirrors last year’s projections despite inflation woes,” said Phil Rist, vice president of strategy, Prosper Insights & Analytics, which partnered with NRF on the survey.
Almost two-thirds of consumers (64%) report that they have experienced higher prices when shopping for Father’s Day gifts. Above all other gift categories, consumers plan to spend the most ($32.29) on a special outing such as a Father’s Day dinner or brunch, very similar to last year’s special outing spend of $29.37.
Shoppers are also planning to spend nearly the same as last year in the popular gift categories of clothing ($26.62) and gift cards ($23.02). Forty percent of consumers plan to shop for Father’s Day gifts online while 34% plan to shop at department stores; specialty stores (greeting card/gift stores, electronics stores) and discount stores are tied at 22%.