Americans Expected to Spend Slightly Less on Father's Day

Father’s Day spending is expected to reach $22.4 billion this year, slightly down from last year’s record of $22.9 billion, according to National Retail Federation and Prosper Insights & Analytics data.

“Father’s Day is an opportunity to celebrate our fathers and paternal role models who have played such a positive role in our lives,” said NRF president and CEO Matthew Shay in a statement. “There is no doubt that retailers have the perfect gift consumers want to purchase for the men they wish to recognize on this special day.”

Roughly 75 percent of consumers plan to celebrate Father’s Day this June. On average, those shopping for Father’s Day plan to spend $189.81 on gifts and celebrations, a dip from last year’s $196.23 record. Consumers ages 25-34 are the biggest spenders this year, averaging $275.67, according to the report.

Half of consumers plan to purchase a gift for a father or stepfather, followed by those buying for a husband (26 percent), son (10 percent), brother (8 percent), friend (8 percent), or grandfather (6 percent).

“While spending on these gift categories is mostly in line with last year’s record numbers, they are still significantly above pre-pandemic spending,” said Prosper Insights & Analytics EVP of strategy Phil Rist in a statement. “This is especially true in clothing, personal care, tools and appliances, electronics, home improvement items, gift cards and special outings, which have all increased by half a billion or more since 2019.”

Online continues to be the most popular shopping destination for Father’s Day gifts at 42 percent, commensurate with last year's 43 percent. Other popular choices include department stores (38 percent), discount stores (24 percent), specialty stores (22 percent) and local/small businesses (19 percent), according to the report.