U.S. consumers are expected to spend more than $20.1 billion on gifts and other items for Father’s Day this year, 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.
“Americans are looking forward to celebrating their fathers, husbands and sons this Father’s Day,” NRF President and CEO Matthew Shay said. “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 ages 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.
“Consumers are showing they are comfortable with pre-pandemic behaviors and activities, particularly as we head into the summer season,” Prosper Vice President of Strategy Phil Rist said. “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.
The National Retail Federation, the world’s largest retail trade association, passionately advocates for the people, brands, policies and ideas that help retail thrive. 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. www.ProsperInsights.com
Courtesy of nrf.com/media-center