Consumer spending this Father’s Day 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 released by the National Retail Federation (NRF) and Prosper Insights & Analytics. Approximately 76 percent of US adults are expected to celebrate Father’s Day.
“Despite growing concerns about inflation, consumers plan to spend approximately the same amount as last year in celebration of Father’s Day,” said NRF President and CEO Matthew Shay. “Spending patterns also reflect the sentimental nature of the holiday as consumers are prioritizing unique and meaningful gifts.”
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.
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 percent 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 Vice President of Strategy Phil Rist.
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).
Retailers play an important role in influencing shoppers’ gift purchases: 30 percent of consumers report that they look to retailers for gift inspiration.
Forty percent of consumers plan to shop for Father’s Day gifts online while 34 percent plan to shop at department stores; specialty stores (greeting card/gift stores, electronics stores) and discount stores are tied at 22 percent.
The survey of 8,297 consumers was conducted May 2-9 and has a margin of error of plus or minus 1.1 percentage points.