Dads and retailers will both have reason to cheer this holiday.
According to a study from the National Retail Federation, Father’s Day spending is set to reach a whopping $16 billion this year — a record high and a 4.5% increase from last year’s $15.3 billion.
Father’s Day spending has increased drastically in the past decades, up by 70% (around $6.6 billion) since 2009. The growth in spending is led by increased spending among consumers aged 35-44, who plan to spend an average of $197.66 in 2019 — more than $100 above the average of 10 years ago.
“Over the past decade, spending on Father’s Day gifts has increased significantly. Retailers are ready with gifts that will have no problem impressing dad,” said NRF president and CEO Matthew Shay.
The survey revealed that greeting cards and special outings are the most popular expenditures, with 61.7% and 46.8% of survey respondents saying they planned to purchase the two items, respectively. Clothing and footwear is also a big gift for dad, with 46% of respondents indicating they planned to shop the category.
To shop for gifts, the bulk of consumers will visit department stores (39%) or do shopping online (34%). An additional 11% of shoppers plan to visit a speciality clothing store, and more than half of smartphone/tablet owners plan to use their advice for help with buying for the special day (57%).
The NRF reports than over half (53%) of those surveyed planned to shop for a father/stepfather, while an additional 27% were shopping for husbands.
The survey, conducted between May 1 and 9, asked 7,591 consumers about their Father’s Day plans and has a margin of error of plus or minus 1.2 percentage points.
Below, watch a video with Something Blue’s Arielle Charnas.
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