ORLANDO, Fla. – People are expected to spend big when it comes to buying gifts for dad this holiday.
The National Retail Federation is projecting consumers will spend more than $20.1 billion this Father’s Day. If people meet the NRF’s expectation, that price tag would be more than last year’s measly $17 billion.
“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,” NRF President and CEO Matthew Shay said in a news release.
Analytics from the NRF said about 75% of people in the U.S. plan to celebrate paternal figures in their life. From shaving kits to “First Father’s Day” gifts, survey results show half of the respondents plan to buy gifts for their own fathers and a quarter plan to purchase a little something for their husbands. The NRF said another 11%, or about one in 10 people, plan to gift their son a token of appreciation this Father’s Day.
With people planning to buy a gift, NRF said they also plan to spend a little more to treat their loved ones. Survey responses show people will spend an average of $174 on Father’s Day goodies, which would be $26 more than 2020 and a record high. Half of that cash will go to special outings, clothing and electronics.
People between the ages of 35 and 44 will be the biggest spenders with data showing they plan to spend an average of $259 on gifts.
Some of the more popular gifts this year will be greeting cards, dinner or brunch, personal care items, and gift cards. The NRF also reports that the number of people planning a special outing is back up to pre-pandemic levels.
“Consumers are showing they are comfortable with pre-pandemic behaviors and activities, particularly as we head into the summer season,” Prosper Vice President of Strategy Phil Rist said in an NRF news release. “Many are planning to take Dad out for a special meal or experience this Father’s Day, which wasn’t an option last year during the shutdowns.”