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WASHINGTON — Consumers will show their love for Dad this year by spending more on Father's Day gifts than in the prior year, according to the National Retail Federation.
According to NRF’s Consumer Intentions and Actions Father’s Day survey, conducted by BIGresearch, U.S. consumers will spend an average of $106.49, up from $94.32 last year and the most in the survey’s eight-year history. What's more, the spending gap between Mother's Day and Father's Day substantially has narrowed.
Total Father’s Day spending is projected to reach $11.1 billion among consumers ages 18 years and older.
“Spending on Dad has taken a backseat for the past few years, but some kids and wives are planning to make up for lost time this Father’s Day,” said NRF president and CEO Matthew Shay. “Shoppers seem to be more excited when it comes to gift giving, an encouraging sign for retailers — and dads — everywhere.”