Consumers to show Father's Day appreciation with $22.4B in spending
Survey finds 75% of consumers intend to partake in Father's Day
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Scores of American consumers have fathers and father figures for whom they want to show their appreciation this Father’s Day, and according to a National Retail Federation (NRF) estimate, they will collectively splash out an eye-popping amount of money to do so.
The NRF and Prosper Insights & Analytics found in a survey that this year’s expected Father’s Day spending by American consumers will amount to the "second highest figure in the survey’s history" at $22.4 billion, according to a news release.
The survey found 75% of U.S. consumers expressed intentions to partake in the holiday.
According to a survey, consumers are predicted to spend more than $22 billion on Father's Day this year. (iStock)
Fathers and stepfathers unsurprisingly are expected to be the most popular recipients of Father’s Day presents this year, with half of consumers reporting intentions to spend on them, according to the NRF.
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Father’s Day gifts won’t be limited to them, however.
Some consumers said they were looking to go Father’s Day gift shopping for husbands, sons, brothers, friends and grandfathers. For husbands, more than a quarter of American shoppers intended to treat them on the holiday, the survey found.
Uniqueness was a top priority for nearly half of Father’s Day shoppers, per the NRF.
Father’s Day shoppers were expected to utilize both online and physical avenues to obtain their gifts. The largest share will go the online shopping route, with 42% reporting they would purchase that way.
This year’s expected Father’s Day spending will amount to the second-highest figure in the survey’s history. (Mohssen Assanimoghaddam/picture alliance via Getty Images/File)
Moe than one-third, meanwhile, said they would spend money on Father’s Day at department stores, the NRF said. Other retailers, like discount and specialty stores, are expected to see spending from Father’s Day celebrants.
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Certain retailers roll out deals and discounts on merchandise around Father’s Day to appeal to those searching for gifts. Restaurants sometimes do, too.
Nearly 60% of consumers spending money for Father’s Day said they would go with a classic and pick up greeting cards for their father figures, the NRF said.
Meanwhile, similar shares of consumers – 54% and 52%, respectively – said they will spend money on clothing or a special outing as a Father’s Day gift. Of the present categories in the survey, consumers will spend the most, $4.5 billion, on special outings, the NRF found.
The overall $22.4 billion expected to be spent for Father’s Day will equate to $189.81 per person, per the data. (iStock)
The overall $22.4 billion expected to be spent for Father’s Day will equate to $189.81 per person, according to the data.
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In the lead-up to Mother’s Day, consumers were expected to spend $254.04 per person and $33.5 billion collectively for the mom-centric holiday. Flowers were expected to be the go-to Mother’s Day gift for nearly three-quarters of consumers.