Spending by US consumers is anticipated to hit $20.1 billion this Father’s Day for gifts and some items.
This will be more than the $17 billion spending recorded for the occasion last year.
The National Retail Federation said that some 75 percent of the US population will buy gifts. Out of the Americans who observe the celebration, 50 percent intend to purchase presents for their biological fathers, 26 percent plan on gifting their husbands while 11 percent are expected to buy something for their sons.
Compared to last year, spending will be more this year as respondents to a survey said they are looking at getting $174 out of their pockets for items to mark the celebration. This means $26 more spending than in 2020.
The survey further showed that huge holiday spenders this year will be in between the ages of 35 and 44. This age group said they want to spend $259 on average to buy something to honor fatherhood, which accounts to $49 more as compared with the spending last year.
In terms of items in mind, 59 percent of the respondents said they will be buying greeting cards, 49 percent said clothing will do, 46 percent plan to dine and chill out, 45 percent think of gift cards, while 28 percent opt to buy personal care essentials.
The survey also showed that Americans will be looking for items from different places. Forty percent said they will look for the gifts online, 33 percent will visit department stores, and 22 percent said they will look for one from specialty stores.
“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.”
This year’s Father’s Day will be celebrated on June 20, or the third Sunday of June.