Headlines

Father’s Day Spending to Total $22.4 Billion

NRF survey shows slight drop-off in money to be expended.

Published

10 months ago

June 5, 2024

INSTORE Staff

Father’s Day Spending to Total $22.4 Billion

Tickets to a sporting event are a favorite Father’s Day gift. PHOTO: ISTOCKPHOTO

Father’s Day spending is expected to reach $22.4 billion this year, according to an annual survey by the National Retail Federation and Prosper Insights & Analytics. That’s down slightly from the record i$22.9 billion spent for the holiday last year.

Similar to 2023, three-quarters of consumers plan to celebrate Father’s Day, which falls on June 16 this year. On average, those shopping for Father’s Day plan to spend $189.81 on gifts and celebrations, just shy of last year’s record of $196.23. Consumers ages 25-34 are the biggest spenders this year, at an average of $275.67.

Of those taking part in the holiday, half plan to purchase a gift for a father or stepfather, followed by those purchasing gifts for a husband (26%), son (10%), brother (8%), friend (8%) or grandfather (6%).

Greeting cards remain the most popular Father’s Day gifts, with 58% of shoppers planning to purchase one, followed by clothing (54%), a special outing (52%), gift cards (48%) and personal care items (31%).

“While spending on these gift categories is mostly in line with last year’s record numbers, they are still significantly above pre-pandemic spending,” Prosper Executive Vice President of Strategy Phil Rist said. “This is especially true in clothing, personal care, tools and appliances, electronics, home improvement items, gift cards and special outings, which have all increased by half a billion or more since 2019.”

Over a quarter (27%) of Father’s Day shoppers plan to give a gift of experience, such as tickets to a sporting event or concert, down slightly from 29% last year.

Also, 42% of consumers are interested in gifting a product subscription box, up from 34% in 2019 when NRF first started asking this question.

Online continues to be the most popular shopping destination for Father’s Day gifts at 42%, in line with 43% last year. Other popular choices include department stores (38%), discount stores (24%), specialty stores (22%) and local/small businesses (19%).

The survey drew responses from 8580 consumers between May 1-8 and has a margin of error of plus or minus 1.1 percentage points.

Click here for more from the survey.

INSTORE Staff

Since launching in 2002, INSTORE has won 89 international journalism awards for its publication and website. Contact INSTORE's editors at editor@instoremag.com.

click to Comment(Comment)

Up Next

Seymour Holtzman, Owner of Chicago’s C.D. Peacock, Dies at 88

Don't Miss

Nordstrom Ramps Up Rack Openings This Year

Ready to Relocate? Wilkerson Makes Your Move Seamless

When Brockhaus Jewelry decided to leave their longtime West Main Street storefront for a standalone building elsewhere in Norman, Oklahoma, owners John Brockhaus and Brad Shipman faced a familiar challenge: how to efficiently reduce inventory before the big move. Their solution? Partnering with liquidation specialists Wilkerson for a second time. "We'd already experienced Wilkerson's professionalism during a previous sale," Shipman recalls. "But their approach to our relocation event truly impressed us. They strategically prioritized our existing pieces while tactfully introducing complementary merchandise as inventory levels decreased." The carefully orchestrated sale didn't just meet targets—it shattered them. Asked if they'd endorse Wilkerson to industry colleagues planning similar transitions—whether relocating, retiring, or refreshing their space—both partners were emphatic in their approval. "The entire process was remarkably straightforward," Shipman notes. "Wilkerson delivered a well-structured program, paired us with a knowledgeable advisor, and managed every detail flawlessly from concept to completion."