Americans are expected to spend more than $20.1 billion on gifts and other items for Father’s Day this year, according to the National Retail Federation (NRF).
The NRF's projection is based on an annual survey and the organization says total spending for the holiday is estimated to surpass last year’s record of $17 billion.
The NRF says the roughly 75% of Americans who plan to celebrate this Sunday is a number consistent with previous years. And of those celebrating, about half plan to buy gifts for their dads, a quarter plan to buy gifts for their husbands, and around a tenth plan to buy gifts for their sons.
The NRF also says consumers plan to spend a little more to treat their dads this year, with the survey showing the average amount being spent on Father’s Day items to be $174. That’s $26 more than last year.
Those ages 35 to 44 years old will be this year’s biggest holiday spenders, the NRF projects.
The organization says the top gifts for Father's Day are greeting cards, clothing, special outings like dinner or brunch, gift cards, and personal care items.
The survey the NRF based its information on looked at 7,971 consumers and was conducted in early May. It has a margin of error of plus or minus 1.1 percentage points.