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National Retail Federation predicts Americans will spend more than $20 billion on Father's Day gifts

The organization said they expected this year's Father's Day spending to reach a record high.

KNOXVILLE, Tenn. — Father's Day is fast approaching, and the National Retail Federation said it is expecting families to break records this year showing how much dad means to them.

Experts said they expect consumers to spend more than $20 billion on gifts, a record high that averages around $174 spent on Father's Day gifts per person. It should surpass last year's $17 billion spent on items.

People 35-44 years old are expected to be this year's biggest spenders. Experts said people in that age range are expected to spend an average of $259 on gifts per person. Most of the gifts may not end up being new tools or electronics for dad though.

Around 46% of shoppers said they planned to take their fathers out to a special dinner, brunch or have a similar outing with their family. However, the most common gift for dads this year is also expected to be the simplest — greeting cards.

“Consumers are showing they are comfortable with pre-pandemic behaviors and activities, particularly as we head into the summer season,” said Phil Rist, the vice president of strategy for the NRF. “Many are planning to take dad out for a special meal or experience this Father’s Day, which wasn’t an option last year during the shutdowns.”

Most people are expected to shop online at around 40% of shoppers. Only around 22% of consumers plan to buy from specialty stores, though.

Around 75% of Americans plan to celebrate the holiday this year, officials said. Of those celebrating, 50% plan to buy gifts for their own dad while 26% plan to buy for their husbands. Around 11% said they planned to buy gifts for their son.

The survey included 7,971 consumers and was conducted May 3-11, according to the NRF.