WASHINGTON—U.S. consumers are expected to spend more than $20.1 billion on gifts and other items for Father’s Day this year, a record high, according to the National Retail Federation’s (NRF) annual survey conducted by Prosper Insight & Analytics. Total spending for the holiday will surpass last year’s record figure of $17 billion.
“Americans are looking forward to celebrating their fathers, husbands and sons this Father’s Day,” NRF president and CEO Matthew Shay said. “With our nation now making significant strides toward recovery and reopening, retailers are prepared to help customers safely find items they want and need to make this year’s holiday celebration extra meaningful.”
The number of Americans (75 percent) who plan to celebrate the fathers, husbands and other paternal figures in their life this Father’s Day is consistent with previous years. Of those celebrating, half (50 percent) plan to buy gifts for their own dad, a quarter (26 percent) plan to buy for a husband and 1 in 10 (11 percent) plan to buy for a son.
However, consumers plan to spend a little more to treat their dads this year. Survey respondents indicated they plan to spend an average of $174 on Father’s Day items, or $26 more than last year and a record high for the survey. About half (47 percent) of the increase comes from spending more on special outings, clothing and consumer electronics.
Click here to read the full story from the NRF.
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