Father’s Day spending is expected to reach $22.4 billion this year, according to the annual survey from the National Retail Federation and Prosper Insights & Analytics. Father’s Day is June 16, 2024. This is the second highest figure in the survey’s history and on par with last year’s record of $22.9 billion.
“Father’s Day is an opportunity to celebrate our fathers and paternal role models who have played such a positive role in our lives.”
~ NRF President and CEO Matthew Shay
“Father’s Day is an opportunity to celebrate our fathers and paternal role models who have played such a positive role in our lives,” NRF President and CEO Matthew Shay said. “There is no doubt that retailers have the perfect gift consumers want to purchase for the men they wish to recognize on this special day.”
Half of consumers plan to purchase a gift for a father or stepfather, followed by those purchasing gifts for a husband (26%), son (10%), brother (8%), friend (8%) or grandfather (6%).
Similar to 2023, three-quarters of consumers plan to celebrate Father’s Day this June. On average, those shopping for Father’s Day plan to spend $189.81 on gifts and celebrations, just shy of last year’s record of $196.23. Consumers ages 25-34 are the biggest spenders this year, at an average of $275.67.
Greeting cards remain the most popular Father’s Day gifts, with 58% of shoppers planning to purchase one, followed by clothing (54%), a special outing (52%), gift cards (48%) and personal care items (31%).
“While spending on these gift categories is mostly in line with last year’s record numbers, they are still significantly above pre-pandemic spending,” Prosper Executive Vice President of Strategy Phil Rist said. “This is especially true in clothing, personal care, tools and appliances, electronics, home improvement items, gift cards and special outings, which have all increased by half a billion or more since 2019.”
Over a quarter (27%) of Father’s Day shoppers plan to give a gift of experience, such as tickets to a sporting event or concert, down slightly from 29% last year.
Also, 42% of consumers are interested in gifting a product subscription box, up from 34% in 2019 when NRF first started asking this question.
Those looking for Father’s Day items say it’s most important to find a gift that is unique or different (47%) when considering their purchases, while others prioritize a gift that creates a special memory (39%).
Online continues to be the most popular shopping destination for Father’s Day gifts at 42%, in line with 43% last year. Other popular choices include department stores (38%), discount stores (24%), specialty stores (22%) and local/small businesses (19%).
As the leading authority and voice for the retail industry, NRF provides data on consumer behavior and spending for key periods such as holidays throughout the year.
The survey of 8,580 consumers was conducted May 1-8 and has a margin of error of plus or minus 1.1 percentage points.
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Tags: Small Business
