June 7, 2023 — According to the National Retail Federation (NRF)’s annual survey, consumers will spend $22.9 billion in celebration of Father’s Day—up from last year’s $20 billion and exceeds the previous record of $20.1 billion.
 
On par with previous years, three-quarters of consumers plan to celebrate the holiday this year by spending a record $196.23 on average, up from $171.79 last year and exceeding the previous record of $174.10 in 2021. According to the NRF, the record highs are primarily driven by an increase in the percentage of consumers purchasing clothing, electronics, personal care, and special outings and the amount they are spending on these categories.
 
The following are some key consumer behaviors for the holiday:
 

• Half of those celebrating plan to buy for their fathers or stepfathers, followed by husbands (27%), sons (11%), brothers (9%), friends (8%), and grandfathers (7%).
• The most popular gifts continue to be greeting cards (61%), followed by clothing (55%), special outings (52%), gift cards (48%), and personal care items (32%).
• Consumers aged 35-44 are expected to outspend other consumers by nearly $100. Those aged 45-54 plan to increase their spending the most, spending $57.04 more than they planned last year.
• Up from 40% last year, 43% plan to make their purchases online, followed by department stores (38%), discount stores (24%), and specialty stores (22%).