Spending on gifts for Father’s Day is expected to set a new record this year, according to a survey from the National Retail Federation.
Conducted for the NRF by Prosper Insight & Analytics, consumers surveyed are expected to spend a total of $16 billion, up from $15.3 billion in 2018.
“Over the past decade, spending on Father’s Day gifts has increased significantly,” said Matthew Shay, president and CEO of the NRF. “Retailers are ready with gifts that will have no problem impressing dad.”
Father’s Day spending has grown 70%, approximately $6.6 billion, since 2009. The biggest drivers of Father’s Day spending are growth in spending by consumers ages 35 to 44, and spending on clothing, special outings and gift cards.
This year, 75.9% of consumers plan to celebrate and are expected to spend a record $138.97, up from last year’s $132.82, and up from $91 in 2009.
When searching for the perfect gift, 39% of consumers will head to department stores, 34% will shop online, 24% will shop at a discount store, 23% at a specialty store, 11% at a specialty clothing store and 2% via a catalog.
More than half (57%) of smartphone/tablet owners plan to use their device to assist in Father’s Day gifting decisions, with 38% using their mobile device to research products and compare prices.