Consumers expect to spend $24 billion on Father’s Day

Spending for Father’s Day is expected to reach a record $24 billion this year, up 7.14% from a year ago and $1.1 billion ahead of the previous record set in 2023, according to the National Retail Federation’s (NRF) annual survey.

The survey found 76% of consumers plan to celebrate Father’s Day, slated for June 15. Average spending is pegged at $199.38, nearly $10 more than last year’s average. The spending estimates are not adjusted for inflation, which remains elevated on a year-over-year basis.

“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,” said NRF Vice President of Industry and Consumer Insights Katherine Cullen. “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.”

Younger consumers between the ages of 35 to 44 years old are expected to be the biggest spenders at $278.90 on average, up $27 from a year ago.

NRF reports that 48% of consumers plan to purchase a gift for a father or stepfather, followed by those purchasing gifts for a husband (25%), son (12%), brother (9%), friend (8%) or grandfather (6%). Consumers also said they want to find unique or different gifts or experiences for their dads and 37% said they plan to create a special memory.

The survey found 58% of shoppers plan to purchase greeting cards and 30% plan to gift an experience, up from 19% just two years ago. A majority, 55%, plan to purchase clothing totaling $3.7 billion for retailers, while gift card sales are expected to total $3 billion, with 50% of consumers purchasing them. A special outing is planned by 53% for a total spend of $4.8 billion. Electronics are another popular gift choice for dads, with category sales expected to increase $2.6 billion from a year ago.

Subscription boxes and gifts of experience continue to rise in popularity. This year, 43% of shoppers plan to gift a subscription box, up from 34% when NRF first asked the question in 2019.

In line with last year, online remains the most popular shopping destination at 41%, followed by department stores (35%), discount stores (23%), specialty stores (22%) and local/small businesses (19%).

Father’s Day spending has increased 41% over the past five years, and is up 50% since 2019. Cumulatively since June 2019, annual inflation is up 24.4%, according to the Consumer Price Index.