Father’s Day spending to reach an all-time high
Americans are expected to spend more than ever on gifts for Father’s Day this year, according to the National Retail Federation’s (NRF) annual survey conducted by Prosper Insight & Analytics.
Total spending for the holiday is estimated to reach $16 billion, up from last year’s $15.3 billion. Father’s Day spending has grown 70% approximately $6.6 billion, since 2009. The biggest drivers of Father’s Day spending are growth in spending by consumers ages 35-44, and spending on clothing, special outings and gift cards. This year, 75.9% of people plan to celebrate and are expected to spend a record $138.97, up from last year’s $132.82, and up from $91 in 2009.
“Fathers, husbands and sons can expect to feel the love this Father’s Day,” NRF President and CEO Matthew Shay said. “Over the past decade, spending on Father’s Day gifts has increased significantly. Retailers are ready with gifts that will have no problem impressing dad.”
According to the NRF, when searching for the perfect gift, 39% of consumers will head to department stores, 34% will shop online, 24% will shop at a discount store, 23% at a specialty store, 11% at a specialty clothing store and 2% via catalog. Over half (57%) of smartphone/tablet owners plan to use their device to assist in Father’s Day gifting decisions, with 38% using their mobile device to research products and compare prices.