It’s expected to be a record for spending on Dad this year.
According to the National Retail Federation’s annual survey conducted by Prosper Insight & Analytics, spending is expected to hit $15.5 billion this year, the highest figure in the 15-year history of the survey. Last year, spending was $14.2 billion.
According to the survey, shoppers are expected to spend an average of $134.75 this year, up from last year’s $125.92.
“It’s encouraging to see that consumers are spending on special occasions such as Father’s Day,” said Matthew Shay, president and chief executive officer of NRF. “This is a positive sign of strong consumer confidence heading into the second half of the year, and a good deal for all the dads who will reap the benefits.”
The survey found 27 percent of dads would love to receive a “gift of experience” for Father’s Day — and 25 percent of shoppers will fulfill that wish by buying their fathers tickets to a concert or a sporting event.
Gift cards are expected to account for $2.2 billion in spending, given by 43 percent, the same that will be spent on apparel. Consumer electronics will account for $1.8 billion, personal-care products such as a bottle of cologne will total $888 million and home improvement supplies at $885 million. Greeting cards are expected to be purchased by 64 percent of consumers, accounting for $861 million in sales.
“With shoppers planning to be more generous to dad this year, the personal care category will be one to watch,” Prosper principal analyst Pam Goodfellow said. “Planned spending on items like cologne, aftershave and razors rose nearly 20 percent year-over-year, outpacing growth in every other gift category for Father’s Day.”
Some 40 percent of consumers said they will shop in department stores, 34 percent online, 26 percent at a discount store, 24 percent at a specialty store and 19 percent at a local small business. Among smartphone owners, 33 percent will use them to research gift ideas but only 18 percent will use them to make a purchase.
More than half, or 54 percent, of those surveyed plan to buy for their fathers or stepfathers while 29 percent will shop for their husbands and 10 percent for their sons.
The survey of 7,335 consumers was conducted May 2-9 and has a margin of error of plus or minus 1.2 percentage points.