Spending for Father’s Day on June 21 is expected to reach $12.7 billion for golf lessons, home improvement tools, ties, coffee mugs and other gifts for dads.
The average person is expected to spend $115.37 on gifts for their dad, nearly even with last year’s spending amounts. About 75 percent of Americans will celebrate the holiday this year, according to the National Retail Federation’s annual survey about spending.
“After a less than stellar first half of the year, retailers are ready to welcome the warm weather and the millions of shoppers that come along with it and kick off the summer spending season just in time for Father’s Day,” said NRF President and CEO Matthew Shay. “Spending on grilling and patio necessities, pool gear, sporting goods, apparel and other gift and seasonal merchandise could be the positive stepping stone retailers need heading into the second half of the year.”
When it comes to gifts for dad, four in ten will purchase apparel items such as a new dress shirt or necktie. Nationally, spending for apparel is estimated to be $1.7 billion. Another 43.3 percent will opt for experience gifts, such as tickets to a ballgame or a special meal with the family, spending a total of $2.6 billion.
The survey also found that one in five shoppers will pick out new gadgets for dad such as a tablet or smartphone, totaling $1.6 billion. Additionally, four in 10 gift buyers will opt to let dad pick his own gift and will purchase a gift card, spending a total of $1.8 billion. Six in ten consumers will thank dad with a greeting card and will spend more than $777 million overall.
“After splurging on mom and graduates this year and recognizing that dad is a little more laid back when it comes to celebrations and gifts, consumers will keep spending similar to about what they spent last year on Father’s Day,” said Prosper’s Principal Analyst Pam Goodfellow, who conducted the survey on behalf of the NRF. “Regardless, they’ll still find a way to make sure that dad has a special day, whether they’re taking advantage of sales and promotions or treating him to an experience he’ll never forget.”