It’s the time of year to celebrate the dads in our lives and shoppers are going all out. With Father’s Day around the corner, spending is expected to reach record highs.
“They want to commemorate dad. They want him to have a special day,” said Katherine Cullen, vice president of Industry and Consumer Insights at the National Retail Federation.
Cullen said Father’s Day spending is expected to reach $24 billion this year, which would break a record.
So how much are people budgeting for? According to the NRF’s latest survey, shoppers plan to spend $199.38 per person this year. That’s about $10 more than last year.
“There are certainly a lot of activities consumers are planning for their dads, whether that’s a special meal out, an event like golfing or hiking or a bike ride or maybe going to a sporting event together or tickets to a concert later in the year,” Cullen explained.
Shoppers are also spending money on clothing, gift cards, electronics and personal care.
“We’ve seen that about 43% of consumers plan to gift a subscription box. These are great gifts that continue to give throughout the year,” Cullen said.
Cullen said some retailers are running sales ahead of Father’s Day so shoppers can score some deals right now.
If you’re wondering whether people spend more on mom for Mother’s Day -- the answer is yes. The National Retail Federation projected people spent roughly $60 more on Mother’s Day.