Drew Wilson
Father’s Day spending is poised to hit a record high, according to a new survey released by the National Retail Federation.
“Father’s Day serves as an informal kickoff to the summer shopping season, and we expect it to be a record-setting start statewide,” said Florida Retail Federation President/CEO Randy Miller. “More Florida families are feeling better about their economic situation, which bodes well for dads, in terms of receiving gifts, and for retailers, who can expect increased sales.”
According to the survey, shoppers are expected to spend an average of $125.92 celebrating the holiday, up substantially from the $115.57 average last year.
The boost is expected to bring total Father’s Day sales to $14.3 billion, which marks the highest total in the survey’s 13-year history. More than half of those polled said they will be shopping for their father or stepfather, while 28 percent said they would be shopping for their husband and 9 percent said they would pick up a gift for their son.
Restaurant meals will account for $3.1 billion of total Father’s Day spending, with nearly half of survey respondents saying they plan to take dad out to dinner this weekend. Another two in five respondents said they planned to pick up clothes or gift cards for the fathers in their lives, while about 20 percent said they planned to surprise Dad with something electronic.
As with Mother’s Day, the most common purchase is expected to be greeting cards. About two-thirds of those polled plan to pick one up for Father’s Day for an estimated $833 million in sales.
The retail trade group also found 22 percent of gift givers planned to purchase “gifts of experience,” such as tickets to a concert or sporting event. The trend has picked up in recent years, and millennials are twice as likely to give an experience as older generations.
