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Father's Day Spending to Hit Record High

Father's Day Spending to Hit Record High
American consumers are expected to spend more than ever on gifts for Father’s Day this year, according to the National Retail Federation.

Total spending for the annual celebration expected to reach $15.5 billion, highlighting a return of consumer confidence.

American consumers are expected to spend more than ever on gifts for 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.

This year, consumers are expected to spend an average of $134.75 for the holiday, up from last year’s $125.92. Total spending for the holiday is expected to top at $15.5 billion, the highest number in the survey’s 15-year history and topping last year’s $14.3 billion.

“It’s encouraging to see that consumers are spending on special occasions such as Father’s Day,” says Matthew Shay, president and chief executive officer, 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.”

According to the survey, consumers celebrating the holiday plan to spend $2.2 billion on gift cards, $2.2 billion on clothing and $1.8 billion on consumer electronics. Other popular gifts include personal care products at $888 million and home improvement/gardening supplies at $885 million.

The survey also found that 25 percent of shoppers will opt for an experience gift such as tickets to a concert or sporting event.

While looking for the perfect gift, 40 percent of consumers will shop at department stores, 34 percent will shop online, 26 percent will head to discount stores, 24 percent will shop at a specialty store and 19 percent will head to a local small business. Among smartphone owners, 33 percent will use them to research gift ideas; however, only 18 percent will use them to make a purchase.

“With shoppers planning to be more generous to dad this year, the personal care category will be one to watch,” says Pam Goodfellow, principal analyst, Prosper Insights and Analytics. “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.”

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