$15.3 billion Expected to be spent this upcoming Father’s Day
Father’s Day is this weekend and the National Retail Federation is expecting near record spending in honor of the holiday to the tune of $15.3 billion. NRF spokesperson Katherine Cullen says when it comes to gifts, it’s really looking promising for dads this year.
“Consumers told us they planned to spend about 133 dollars on average, on all the dads, granddads, and other father figures in their lives.”
In the 15 year history of the survey, this year’s spending is second only to last year’s $15.5 billion. While the average money spent per person is $133, she expects members of the biggest spending age group to drop $188.
“25 to 34-year-olds are spending more on average. These are people who tend to be becoming fathers themselves and they’re also celebrating their own dads.”
The survey indicated 43 percent of shoppers will be purchasing clothes, which just barely beats out gift cards at 42 percent. But Cullen says she expects plenty of shoppers will be spending money on experiences with dad.
“Dinner at dad’s favorite steak place, a concert, or things like tickets to a sports event. We’re expecting consumers to spend more than 3 billion dollars on activities that create a memory with their dad.”