The National Retail Federation says consumers will spend $20 billion on Father’s Day gifts

0

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.”


Consumers plan to spend an average of $171.79 to honor their fathers and other significant men in their lives, which is nearly in line with the average planned spending of $174.10 last year.

The most important factors influencing Father’s Day shopping are “finding a unique or different gift” (44%) and “finding a gift that creates a special memory” (37%).

A quarter of consumers plan to give ‘experience gifts’, such as tickets to a concert or sporting event. Another 37% want to extend the length of the celebration by offering a subscription box service.

“Spending in the most popular gift categories closely mirrors last year’s projections despite inflation concerns,” said Prosper’s vice president of strategy Phil Rist.

Nearly two-thirds of consumers (64%) say they have seen higher prices when shopping for Father’s Day gifts.

Of all other gift categories, consumers plan to spend the most ($32.29) on a special outing like a Father’s Day dinner or brunch, very similar to last year’s $29.37.

Shoppers also expect to spend nearly as much as last year on the popular gift categories of apparel ($26.62) and gift cards ($23.02).

Retailers play an important role in influencing shoppers’ gift purchases: 30% of consumers say they turn to retailers for gifting inspiration.

Forty percent of consumers plan to buy Father’s Day gifts online, while 34% plan to buy in department stores; specialty stores (greeting/gift card stores, electronics stores) and discount stores are tied at 22%.

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.

Share.

Comments are closed.