Higher prices apparently are not stopping people from spending lavishly to celebrate the king of the household this upcoming Father’s Day.
Spending is expected to reach a record $22.9 billion this year, exceeding the previous banner mark of $20.1 billion in 2021. These figure are based on the annual survey by the National Retail Federation (NRF) and Prosper Insights & Analytics. Around 75% of consumers plan to commemorate Father’s Day.
They are projected to shell out $196.23 on average, surpassing the prior record of $174.10 two years ago. “Father’s Day remains a momentous occasion for Americans to honor the important men in their lives,” NRF President and CEO Matthew Shay stated.
Per a news release, much like in years before, the most popular Father’s Day gifts are greeting cards (61%). clothing (55%), and a special outing like dinner or brunch (52%).
Prosper Executive Vice President of Strategy Phil Rist stated, “The big spenders this Father’s Day are consumers aged 35-44 who are expected to outspend other consumers by nearly $100. Those aged 45-54 plan to increase their spending the most, by spending $57.04 more than they planned last year.”
Online
remains a hit with consumers as their main shopping destination for Father’s Day. Some 43% of spenders will shop online, up from 40% last year. Around 38% are shopping at department stores, up from 34% last year. Other favorable destinations are discount stores (24%) and specialty stores (22%).Almost one-third (29%) of Father’s Day spenders are planning to give a gift of experience, like tickets to a sporting event or concert. That figure is up from 25% last year and is the highest since NRF began asking about that in 2016. Further, 42% are interested in giving a product subscription box, up from 37% last year. The NRF reported that is the highest since it began tracking that gift option in 2019.