Father’s Day Spending to Reach $14.3 Billion

Consumers say they will spend more than ever on Father’s Day this year.

June 17, 2016

WASHINGTON – Consumers will shower dads with everything from power tools to trips to the ballpark this Sunday, according to the National Retail Federation’s annual survey conducted by Prosper Insight and Analytics.

Consumers are expected to spend an average of $125.92 for the holiday, up from last year’s $115.57. Total spending is expected to reach $14.3 billion, the highest in the survey’s 13-year history but still below this year’s Mother’s Day total of $21.4 billion.

“It’s encouraging to see consumers planning to splurge on dads,” said NRF President and CEO Matthew Shay, in a press release. “This increase in spending could be a good sign related to consumers’ willingness to spend more as we head into the second half of the year.”

According to the survey, consumers plan to spend $3.1 billion on special outings such as dinner, brunch or other types of a “fun activity/experience” (given by 47%). Clothing (43%) and gift cards (41%) are tied at a hair under $2 billion each, while consumer electronics (20%) follow at $1.7 billion. As with Mother’s Day, greeting cards are the most commonly purchased gift at 65% but account for only $833 million of projected spending.

“It’s no surprise that dads are going to enjoy a few more gifts on Father’s Day,” Prosper Principal Analyst Pam Goodfellow said. “No matter what sales or promotions consumers will take advantage of on Father’s Day, they will make sure that the gift is a memorable one for dad.”

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