Father’s Day spending to reach near-record level
With Father’s Day fast approaching, consumers are opening up their wallets to honor dad—but just not as much as they did last year.
Father’s Day spending is expected to total a near-record $15.3 billion this year, according to a study by the National Retail Federation and Prosper Insights & Analytics. Seventy-seven percent of Americans will celebrate Father’s Day and spend an average of $133 per person, down from a record $135 per person last year.
The expected spending would be second only to last year’s $15.5 billion, the highest in the 15-year history of the survey. Individuals between 25 and 34 years old will be the biggest spenders this year at an average $188 per person. according to the survey.
Consumers plan to spend $2.2 billion on clothing (purchased by 43% of shoppers), $2.1 billion on gift cards (42%) and $1.8 billion on consumer electronics (20%). In addition, $878 million will be spent on home improvement supplies (16%), $862 million on personal care products (19%), $844 million on greeting cards (63%) and $830 million on tools or appliances (16%).
Another $798 million will be spent on sporting goods or leisure items (16%), $686 million on automotive accessories (16%) and $628 million on books or music (22%).
The survey found 47% of consumers plan to give a “special outing” gift, such as a concert, sporting event or dinner. This category represents the largest share of spending at $3.2 billion.
Thirty-nine percent of those celebrating the holiday will head to a department store, 34% will shop online, 25% will visit a discount store and 24% percent will visit a specialty store. Nearly half of smartphone users plan to use their device to help making purchasing decisions while shopping this Father’s Day.
Father’s Day spending is expected to total a near-record $15.3 billion this year, according to a study by the National Retail Federation and Prosper Insights & Analytics. Seventy-seven percent of Americans will celebrate Father’s Day and spend an average of $133 per person, down from a record $135 per person last year.
The expected spending would be second only to last year’s $15.5 billion, the highest in the 15-year history of the survey. Individuals between 25 and 34 years old will be the biggest spenders this year at an average $188 per person. according to the survey.
Consumers plan to spend $2.2 billion on clothing (purchased by 43% of shoppers), $2.1 billion on gift cards (42%) and $1.8 billion on consumer electronics (20%). In addition, $878 million will be spent on home improvement supplies (16%), $862 million on personal care products (19%), $844 million on greeting cards (63%) and $830 million on tools or appliances (16%).
Another $798 million will be spent on sporting goods or leisure items (16%), $686 million on automotive accessories (16%) and $628 million on books or music (22%).
The survey found 47% of consumers plan to give a “special outing” gift, such as a concert, sporting event or dinner. This category represents the largest share of spending at $3.2 billion.
Thirty-nine percent of those celebrating the holiday will head to a department store, 34% will shop online, 25% will visit a discount store and 24% percent will visit a specialty store. Nearly half of smartphone users plan to use their device to help making purchasing decisions while shopping this Father’s Day.