WASHINGTON, DC – Consumer spending this Father’s Day is expected to total $20 billion, nearly matching last year’s record high of $20.1 billion, according to the annual consumer survey released Wednesday. by the National Retail Federation and Prosper Insights & Analytics. About 76% of American adults are expected to celebrate Father’s Day.
“Despite growing inflation concerns, consumers plan to spend about the same amount as last year to celebrate Father’s Day,” said NRF President and CEO Matthew Shay. “Spending patterns also reflect the sentimental nature of the holidays, as consumers favor unique and meaningful gifts.”