From the proverbial new tie to a steak dinner or a new TaylorMade driver, dads all across America will be showered with upwards of $20.1-billion dollars worth of gifts this weekend in honor of Father’s Day.
That’s the latest projection from the National Retail Federation, which anticipates U.S. consumers will spend that much on gifts and other items for Father’s Day this year. If they do, it will be a record high, according to the National Retail Federation’s annual survey conducted by Prosper Insight & Analytics. Total spending for the holiday will surpass last year’s record figure of $17 billion.
NRF President and CEO Matthew Shay says, “Americans are looking forward to celebrating their fathers, husbands and sons this Father’s Day,” and adds, “With our nation now making significant strides toward recovery and reopening, retailers are prepared to help customers safely find items they want and need to make this year’s holiday celebration extra meaningful.”
The number of Americans (75-percent) who plan to celebrate the fathers, husbands and other paternal figures in their life this Father’s Day is consistent with previous years. Of those celebrating, half (50-percent) plan to buy gifts for their own dad, a quarter (26-percent) plan to buy for a husband and 1-in-10 (11-percent) plan to buy for a son.
However, consumers plan to spend a little more to treat their dads this year. Survey respondents indicated they plan to spend an average of $174 on Father’s Day items, or $26 more than last year and a record high for the survey. About half (47-percent) of the increase comes from spending more on special outings, clothing and consumer electronics.
Those aged 35-44 will be this year’s biggest holiday spenders. They plan to spend an average of $259 on Father’s Day gifts, which is $49 more than last year.
The top gifts shoppers plan to purchase for Father’s Day are greeting cards (59-percent), clothing (49-percent), a special outing such as dinner or brunch (46-percent), gift cards (45-percent) and personal care items (28-percent). The number of consumers planning a special outing is back up to pre-pandemic levels.
Prosper Vice President of Strategy Phil Rist says, “Consumers are showing they are comfortable with pre-pandemic behaviors and activities, particularly as we head into the summer season,” and notes, “Many are planning to take Dad out for a special meal or experience this Father’s Day, which wasn’t an option last year during the shutdowns.”
Dad’s loved ones will look for gifts at a variety of locations, including online (40-percent), department stores (33-percent) and specialty stores (22-percent). While those shopping online, whether through their smartphone or computer, to purchase gifts is down slightly from 2020, it remains above pre-pandemic figures.
The survey of 7,971 consumers was conducted May 3-11 and has a margin of error of plus or minus 1.1-percentage points.
