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Americans expected to spend more than $15 billion on Father’s Day

Father’s Day spending is expected to total a near-record $15.3 billion this year, according to a study released today by the National Retail Federation and Prosper Insights & Analytics. A total of 77 percent of Americans will celebrate Father’s Day and spend an average of $133 per person.

“We are pleased to see consumer confidence continue to rise, leading to another near-record holiday spend on Father’s Day,” NRF President and CEO Matthew Shay said. “Leading into the second half of the year, Americans are looking forward to treating their dads and retailers will be prepared to offer a variety of gift options that will create new memories on this special day.”

The expected spending would be second only to last year’s $15.5 billion, the highest in the 15-year history of the survey at an average $135 per person. Individuals between 25 and 34 years old will be the biggest spenders this year at an average $188 per person.

According to the survey, consumers plan to spend $2.2 billion on clothing (purchased by 43 percent of shoppers), $2.1 billion on gift cards (42 percent) and $1.8 billion on consumer electronics (20 percent). In addition, $878 million will be spent on home improvement supplies (16 percent), $862 million on personal care products (19 percent), $844 million on greeting cards (63 percent) and $830 million on tools or appliances (16 percent). Another $798 million will be spent on sporting goods or leisure items (16 percent), $686 million on automotive accessories (16 percent) and $628 million on books or music (22 percent).

The survey found 47 percent of consumers plan to give a “special outing” gift, such as a concert, sporting event or dinner. This category represents the largest share of spending at $3.2 billion.

“Special outing gifts have steadily grown in popularity for Father’s Day since their lowest point in 2009,” Prosper Insights Executive Vice President of Strategy Phil Rist said. “These consumers, especially those between 18 and 24 years old, want to offer something to their dad’s that is unique, thoughtful and allows for quality time on dad’s special day.”

Originally posted Thursday, May. 31, 2018

Tags: nrf