Total spending on the holiday will surpass last year’s record of $17 billion
Spending on Father’s Day in the US to hit a record this year: NRF. Source: pexels.com
US consumers are expected to spend more than $20.1 billion on Father’s Day gifts and other items this year, a record high, according to the National Retail Federation.
The number of Americans who are planning to celebrate Father’s Day is 75%, according to the poll. Of those celebrating, 50% plan to buy gifts for their father, 26% plan to buy for their husband, 11% plan to buy for their son.
However, this year, consumers are planning to spend a little more – average $174 on Father’s Day purchases, which is higher on $26 from last year. Almost half of the increase comes from additional spending on excursions, clothing, and consumer electronics.
People between the ages of 35 and 44 will be on vacation the most this year. They plan to spend an average of $259 on Father’s Day gifts, it’s $49 more than last year.
The main buyers of gifts planned for Father’s Day are greeting cards (59%), clothing (49%), special events like, for example, brunch (46%), gift cards (45%), and personal care items (28%). Moreover, the amount of consumers planning a special outing has returned to pre-pandemic levels.
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