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Father’s Day spending is expected to reach $22.4 billion this year, according to an annual survey released today by the National Retail Federation (NRF) and Prosper Insights & Analytics. This is the second highest figure in the survey’s history and on par with last year’s record of $22.9 billion.
Half of consumers plan to purchase a gift for a father or stepfather, followed by those purchasing gifts for a husband (26 percent), son (10 percent), brother (8 percent), friend (8 percent) or grandfather (6 percent). The survey of 8,580 consumers was conducted May 1-8.
Similar to 2023, three-quarters of consumers plan to celebrate Father’s Day this June. On average, those shopping for Father’s Day plan to spend $189.81 on gifts and celebrations, just shy of last year’s record of $196.23. Online continues to be the most popular shopping destination for Father’s Day gifts at 42 percent, in line with 43 percent last year. Other popular choices include department stores (38 percent), discount stores (24 percent), specialty stores (22 percent), and local/small businesses (19 percent).
As for types of gifts people are buying dads, greeting cards remain the most popular Father’s Day gifts, with 58 percent of shoppers planning to purchase one, followed by clothing (54 percent), a special outing (52 percent), gift cards (48 percent) and personal care items (31 percent). Over a quarter (27 percent) of Father’s Day shoppers plan to give a gift of experience, such as tickets to a sporting event or concert, down slightly from 29 last year.
Total Retail’s Take: While Father’s Day spending levels are forecast to be near last year’s record highs, the amount spent on Father’s Day gifts doesn’t come close to Mother’s Day spending, according to this report from Axios. Consumers are expected to spend nearly 36 percent or $12.8 billion less on dads than they did on moms last month. Furthermore, the average amount those shopping for Father’s Day plan to spend on gifts and celebrations ($189.81) is nearly $78 less than the $274.02 spent on moms for their special day last month. Lastly, three-quarters of consumers plan to celebrate Father’s Day this year compared to 84 percent of U.S. adults who planned to celebrate Mother’s Day.
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