The National Retail Federation expects Americans to spend $20 billion on Father’s Day activities this weekend, which is on par with 2021 figures.
The trade group expects that 76% of American adults to celebrate Father’s Day.
The group found that consumers plan to spend an average of $171.79, which is down slightly from $174.10 a year ago. With COVID-19 less of a concern this year, more spending is expected for special outings.
Consumers plan to spend the most — $32.29 — on a special outing such as a Father’s Day dinner or brunch, up from last year’s $29.37.
“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. “Spending patterns also reflect the sentimental nature of the holiday as consumers are prioritizing unique and meaningful gifts.”
Other categories, such as gift cards, electronics and clothing, remain on par with past years.
“Spending in the most popular gift categories closely mirrors last year’s projections despite inflation woes,” Prosper Vice President of Strategy Phil Rist said.
Even though Father's Day spending is expected to remain strong, the retail sector is starting to see the effects of inflation. Retail and food spending declined .3% in May compared to April in the U.S.
