Father's Day is this Sunday and according to the National Retail Federation, a record-setting $15.5 billion will be spent on dad this year, beating the previous record by 1.2 billion
While you still have some time to get dad a gift, you’re cutting it close. And it seems a lot of people aren’t forgetting dad this weekend, with plenty of money being spent to show pops how much he’s loved.
In case you missed it, according to the National Retail Federation, a record-setting $15.5 billion will be spent on Dad this year, beating the previous record by 1.2 billion. Overall, 77% of the U.S. population will celebrate Father’s Day, which translates to about $136.75 spent per dad.
As for what Dad will be getting, 40% of people will shop at department stores, while 34% will get their gift online. Greeting cards will be the most popular gift, if you can really call that a gift, with 64% of folks getting dad one, while 27% of people will give dad a “gift of experience,” like tickets to a game or a concert, or taking them on a trip or to a restaurant. Other popular Father’s Day gifts include:
- Clothing (46%)
- Gift cards (43%)
- Consumer electronics (21%)
- Personal care products like cologne (21%)
- Home improvement supplies (16%)
Source: 24/7 Wall Street