Consumer spending on Father’s Day on par with last year

Consumers aren’t letting inflation get in the way of celebrating Father’s Day.

Consumer spending this Father’s Day (June 19) is expected to total $20 billion, nearly on par with last year’s record-setting figure of $20.1 billion, according to the annual consumer survey by the National Retail Federation and Prosper Insights & Analytics. Approximately 76% of U.S. adults are expected to celebrate Father’s Day.

Consumers plan to spend an average of $171.79 to honor their fathers and other important men in their lives. The amount nearly mirrors last year’s expected average spending of $174.10.

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.

“Spending in the most popular gift categories closely mirrors last year’s projections despite inflation woes,” said Prosper VP of strategy Phil Rist.

Other findings from the survey are below.
• Almost two-thirds of consumers (64%) report having seen higher prices when shopping for Father’s Day gifts.
•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).
• 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%.