Consumers are set to spend a record $22.9 billion on Father’s Day this year, a significant increase from the previous year’s expenditure of $20 billion, according to a recent survey. The figures also beat the previous high of $20.1 billion spent in 2021.
Approximately three-quarters of consumers are expected to participate in the celebrations, which is consistent with recent trends. Average spending is projected to reach a new high of $196.23, an increase from $171.79 in the previous year, surpassing the old record of $174.10 in 2021.
The uptick in both collective and per-person spending primarily stems from more consumers investing in categories like clothing, electronics, personal care, and special outings. Half of celebrants plan to purchase gifts for their father or stepfather, followed by husbands (27%), sons (11%), brothers (9%), friends (8%), and grandfathers (7%).
Top picks for Father’s Day gifts include greeting cards, with 61% of consumers opting for them. Other favorites include clothing (55%), special outings (52%), gift cards (48%), and personal care items (32%). A growing trend in gifting experiences, like concert tickets, has emerged, with 29% considering such options, the highest percentage seen in recent years. Product subscription boxes are also gaining traction, with 42% of consumers considering this option, up 37% over last year.
The largest spenders will be consumers aged 35-44, who will outspend their counterparts by almost $100, while those aged 45-54 are set to increase their spending the most, at $57.04 more than last year.
Online shopping remains the preferred choice, with 43% of consumers shopping online for Father’s Day, up from 40% last year. Other popular shopping destinations include department stores (38%), discount stores (24%), and specialty stores (22%).