Consumer spending on gifts for Father’s Day is expected to total $20 billion, according to the National Retail Federation’s annual consumer survey.
Consumers plan to spend an average of $171.79 to honor their fathers and other important men in their lives, nearly mirroring last year’s expected average spending of $174.10.
“Despite growing concerns about inflation, consumers plan to spend approximately the same amount as last year in celebration of Father’s Day,” said Matthew Shay, NRF president and CEO. “Spending patterns also reflect the sentimental nature of the holiday as consumers are prioritizing unique and meaningful gifts.”
The most important factors influencing Father’s Day purchases are “finding a gift that is unique or different” (44%) and “finding a gift that creates a special memory” (37%).
One-quarter of consumers (25%) plan to give “gifts of experience” such as tickets to a concert or sporting event. Another 37% are interested in extending the longevity of the celebration by gifting a subscription box service.
Forty percent of consumers plan to shop for Father’s Day gifts online while 34% plan to shop at department stores; specialty stores (greeting card/gift stores, electronics stores) and discount stores are tied at 22%.
Retailers play an important role in influencing shoppers’ gift purchases: 30% of consumers report that they look to retailers for gift inspiration.
Above all other gift categories, consumers plan to spend the most ($32.29) on a special outing such as a Father’s Day dinner or brunch, very similar to last year’s $29.37. Shoppers are also planning to spend nearly the same as last year in the popular gift categories of clothing ($26.62) and gift cards ($23.02).
The survey of 8,297 consumers was conducted May 2-9 by Prosper Insights & Analytics and has a margin of error of plus or minus 1.1 percentage points.