Spending money (and perhaps some time) on dear ol’ dad on Father’s Day is expected to reach an all-time high this June.
As consumers of all ages strive to create unique and special memories with dad, spending on Father’s Day has grown 70% since 2009, according to the National Retail Federation’s annual survey. “Fathers, husbands and sons can expect to feel the love this Father’s Day,” says Matthew Shay, NRF president and CEO.
This year, more than 75% of Americans will celebrate and are expecting to spend an all-time high of $139. That’s a total of about $16 billion, the NRF survey noted.
Popular Father’s Day Gifts
Most will opt to buy the standard gift cards, greeting cards, clothing, or special outings. Some will buy books, electronics, tools, sporting goods, or automotive accessories. However, one of the more unique and trendy gifts are subscription box services, especially with younger consumers.
As consumers search for the perfect gift, almost 86% will visit stores, while 34% plan to shop online, according to NRF’s survey of almost 7,600 consumers.
Mother’s Day Is Still Tops
How does this compare to spending on Mother’s Day? Gifting to honor mothers and other women also hit a record high this year, with the average consumer spending $196, NRF data indicated a few weeks ago.