Americans will spend a record amount on Father’s Day gifts this weekend, a survey from the trade association National Retail Federation found, hitting a 15-year high of $14.3 billion. Some 77 percent of Americans celebrate Father’s Day, and the amount of money consumers spend on the holiday has increased each year consistently since at least 2007.
The average American is now
spending $134.75 on gifts, up from $125.92 last year. On the other hand, dads would increasingly prefer to spend time with
their kids, rather than a pair of socks or the usual tie.
The number of people opting to
give a special outing such as dinner or brunch is at 48 percent, up 5 percent from
2007. Now, 27 percent of dads say they would enjoy an “experience” gift, and 25 percent
of shoppers plan to buy a ticket to a concert or a sporting event for
the holiday, up from 22 percent last year.