WASHINGTON – Consumers will collectively spend a record-high $22.9 billion to celebrate Father’s Day this year, according to the annual survey released today by the National Retail Federation and Prosper Insights & Analytics. Total expected spending for the holiday is up from last year’s $20 billion and exceeds the previous record of $20.1 billion in 2021.
“Father’s Day remains a momentous occasion for Americans to honor the important men in their lives,” NRF President and CEO Matthew Shay said. “Consumers plan to celebrate the holiday in a big way this year, and retailers are ready to help make it special.”
Three-quarters of consumers plan to celebrate Father’s Day this year, which is on par with participation in recent years. Consumers expect to spend a record $196.23 on average, up from $171.79 last year and exceeding the previous record of $174.10 in 2021.
The record highs for both collective and average spending are primarily driven by an increase in the percentage of consumers purchasing clothing, electronics, personal care and special outings and the amount they are spending on these categories.
Half of those celebrating the holiday plan to buy for a father or stepfather, followed by a husband (27%), son (11%), brother (9%), friend (8%) or grandfather (7%).
As in previous years, the most popular Father’s Day gifts are greeting cards, purchased by 61%. Other top gifts include clothing (55%), a special outing such as dinner or brunch (52%), gift cards (48%) and personal care items (32%).
“The big spenders this Father’s Day are consumers aged 35-44 who are expected to outspend other consumers by nearly $100,” Prosper Executive Vice President of Strategy Phil Rist said. “Those aged 45-54 plan to increase their spending the most, by spending $57.04 more than they planned last year.”
Online remains consumers’ primary shopping destination for Father’s Day, with 43% shopping online, up from 40% last year. This is followed by 38% shopping at department stores, up from 34% last year. Other popular destinations are discount stores (24%) and specialty stores (22%).
Nearly one-third (29%) of those celebrating Father’s Day are planning to give a gift of experience, such as tickets to a sporting event or concert. This is up from 25% last year and is the highest since NRF started asking this question in 2016. Also, 42% are interested in giving a product subscription box, up from 37% last year, and is the highest since NRF began tracking this gift option in 2019.
As the leading authority and voice for the retail industry, NRF provides data on consumer behavior and spending for key periods such as holidays throughout the year.
The survey of 8,414 consumers was conducted May 1-8 and has a margin of error of plus or minus 1.1 percentage points.
The National Retail Federation passionately advocates for the people, brands, policies and ideas that help retail succeed. From its headquarters in Washington, D.C., NRF empowers the industry that powers the economy. Retail is the nation’s largest private-sector employer, contributing $3.9 trillion to annual GDP and supporting one in four U.S. jobs — 52 million working Americans. For over a century, NRF has been a voice for every retailer and every retail job, educating, inspiring and communicating the powerful impact retail has on local communities and global economies. nrf.com
About Prosper Insights & Analytics
Prosper Insights & Analytics is a global leader in consumer intent data serving the financial services, marketing technology, and retail industries. We provide global authoritative market information on U.S. and China consumers via curated insights and analytics. By integrating a variety of data including economic, behavioral and attitudinal data, Prosper helps companies accurately predict consumers’ future behavior to help identify market behaviors, optimize marketing efforts, and improve the effectiveness of demand generation campaigns. https://prosperinsights.com/
Republished from the National Retail Federation corporate news webpage