The figure represents new record high spending for the holiday, according to the survey, which was conducted by Prosper Insight & Analytics. Last year spending reached $17 billion, which was a record at the time. Father’s Day, which lands on June 20 this year, coincides with higher in-store shopping as COVID-19 pandemic restrictions ease and consumers are spending more thanks to federal stimulus.
“Americans are looking forward to celebrating their fathers, husbands and sons this Father’s Day,” NRF President and CEO Matthew Shay said in a statement. “With our nation now making significant strides toward recovery and reopening, retailers are prepared to help customers safely find items they want and need to make this year’s holiday celebration extra meaningful.”
Most Americans (75%) plan to celebrate Father’s Day, which is consistent with previous years. However, consumers are planning to spend an average of $174--a new record high for the survey and $26 higher than last year. Nearly half (47%) of respondents are spending more on special outings, clothing and consumer electronics.
Shoppers are also buying greeting cards, clothing, a special outing such as dinner or brunch, gift cards and personal care items. In fact, the number of consumers planning a special outing is back up to pre-pandemic levels, according to the survey, which queried nearly 8,000 individuals between May 3-11.
“Consumers are showing they are comfortable with pre-pandemic behaviors and activities, particularly as we head into the summer season,” Prosper Vice President of Strategy Phil Rist said in a statement. “Many are planning to take Dad out for a special meal or experience this Father’s Day, which wasn’t an option last year during the shutdowns.”