U.S. shoppers will spend a record $22.9 billion to celebrate Father’s Day this year, the latest annual survey from the National Retail Federation and Prosper Insights & Analytics has found. 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.”
Last month’s Mother’s Day, by comparison, was expected to result in a record $35.7 billion in spending, the NRF said in an earlier survey.
Overall, three-quarters of consumers plan to celebrate Father’s Day, which falls on June 18 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 percent), son (11 percent), brother (9 percent), friend (8 percent) or grandfather (7 percent).
As in previous years, the most popular Father’s Day gifts are greeting cards, purchased by 61 percent. Other top gifts include clothing (55 percent), a special outing such as dinner or brunch (52 percent), gift cards (48 percent) and personal care items (32 percent).
Nearly one-third (29 percent) of those celebrating Father’s Day are planning to give a gift of experience, such as tickets to a sporting event or concert. That’s up from 25 percent last year and is the highest since NRF started asking this question in 2016. Also, 42 percent are interested in giving a product subscription box, up from 37 percent last year, and is the highest since NRF began tracking this gift option in 2019.
The survey is based on responses from 8414 consumers that was conducted May 1-8 , with a margin of error of plus or minus 1.1 percentage points.
Click here for more results from the survey.