Consumer Behavior

Father’s Day spend expected to hit $20B

Photo by istock.com

May 19, 2022

Consumer spend on Father's Day gifts is predicted to hit $20 billion this year, nearly on par with the record-setting $20.1 billion spent in 2021, according to the National Retail Federation.

The spend prediction is from a survey by NRF and Prosper Insights & Analytics that expects 76% of U.S. adults to celebrate the annual holiday.

"Despite growing concerns about inflation, consumers plan to spend approximately the same amount as last year in celebration of Father's Day," NRF President and CEO Matthew Shay said in a press release on the survey data. "Spending patterns also reflect the sentimental nature of the holiday as consumers are prioritizing unique and meaningful gifts."

Consumers plan to spend an average of $171.79 to honor their fathers and other important men in their lives, nearly mirroring last year's expected average spending of $174.10.

One-quarter of consumers (25%) plan to give "gifts of experience" such as tickets to a concert or sporting event. Another 37% are interested in extending the longevity of the celebration by gifting a subscription box service.

"Spending in the most popular gift categories closely mirrors last year's projections despite inflation woes," Prosper Vice President of Strategy Phil Rist said in the release.

Almost two-thirds of consumers (64%) report having seen higher prices when shopping for Father's Day gifts.

Retailers play an important role in influencing shoppers' gift purchases: 30% of consumers report they look to retailers for gift inspiration.

Forty percent of consumers plan to shop for gifts online while 34% plan to shop at department stores; specialty stores (greeting card/gift stores, electronics stores) and discount stores are tied at 22%.