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Father’s Day is around the corner, and spending is expected to reach a record $24 billion this year, according to the annual Father’s Day survey released by the National Retail Federation (NRF) and Prosper Insights & Analytics.
The new high exceeds last year’s figure of $22.4 billion and exceeds the previous record of $22.9 billion in 2023.
“Americans are embracing meaningful traditions and holidays, and this Father’s Day, spending on gifts and other holiday items is expected to reach record levels,” says Katherine Cullen, NRF vice president of industry and consumer insights. “As consumers look to recognize the father figures in their lives, retailers are prepared with gift ideas, special deals and convenient shopping options to help customers find the right gifts.”
Around 48% of consumers plan to purchase a gift for a father or stepfather, followed by purchasing gifts for a husband (25%), son (12%), brother (9%), friend (8%) or grandfather (6%).
About 76% of consumers plan to celebrate Father’s Day this year, similar to recent years, with average spending expected to reach $199.38 per person, $10 more than last year. When it comes to gift types, many are choosing items that are unique, different or help create special memories. Around 58% plan to buy a greeting card, 55% will purchase clothing, 53% will spend on a special outing and 50% will buy gift cards.
“As consumers prioritize Father’s Day gifts that are unique or create special memories, categories such as special outings and personal care items have seen an increase in popularity this year,” says Phil Rist, Prosper executive vice president of strategy. “A special outing offers an opportunity to create new memories and celebrate together, while a personal care item allows dad to feel pampered.”
Making these purchases online remains the most popular shopping destination at 41%, followed by department stores at 35% and local or small businesses at 19%.
