April 6, 2018
Total spending for the holiday is expected to top at $14.3 billion.
Consumers say they will spend more than ever on Father’s Day this year, according to the National Retail Federation.
The findings are part of a Father’s Day Spending Survey conducted with Prosper Insights and Analytics.
Total spending is expected to reach $14.3 billion, the highest in the survey’s 13-year history but still below this year’s Mother’s Day total of $21.4 billion.
According to the survey, consumers plan to spend $3.1 billion on special outings, $2 billion on clothing, $2 billion on gift cards and $1.7 billion on electronics.
Other popular gifts include personal care, automotive accessories, books, music, home improvement/gardening supplies and sporting goods.
The survey also found that 22 percent of shoppers will opt for an experience gift such as tickets to a concert or sporting event.
Meanwhile, when buying gifts, 38 percent of consumers will shop at department stores, 32 percent will shop online, 27 percent will shop at a discount store, 24 percent will shop at specialty stores and 17 percent will shop at a local small business. Among smartphone owners, 30 percent will use them to research gift ideas, but only 16 percent will use them to make a purchase.
“It’s encouraging to see consumers planning to splurge on dads,” says Matthew Shay, president and chief executive officer, NRF. “This increase in spending could be a good sign related to consumers’ willingness to spend more as we head into the second half of the year.”
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