Fathers can expect to be showered with gifts and other things on Father's Day this year, as shoppers plan to spend more than last year.
According to the National Retail Federation's annual survey conducted by Prosper Insight & Analytics, 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. This figure will exceed 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."
According to the survey, about 75 percent of Americans plan to celebrate Father's Day this year, which is consistent with previous years. Of those celebrating, half plan to buy gifts for their own dad, while a quarter plan to buy their husband something and 1 in 10 plan to buy presents 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, which is $26 more than last year.
Those ages 35-44 are planning to spend the most, with an average of $259 on Father's Day gifts, which is $49 more than last year.
"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."
As for the gifts, 59% of the consumers plan to buy greeting cards, 49% will spend on clothing, and 46% will pay for a special outing such as dinner or brunch. Meanwhile, 45% plan to buy gift cards and 28% will buy personal care items.
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