Father's Day Spending Forecast
Consumers are projected to spend $22.4 billion on Father's Day in 2024, according to data from the National Retail Federation (NRF) and Prosper Insights & Analytics. That total sits just under 2023's $22.9 billion record, making it the second-highest figure in the survey's history.
Roughly half of all consumers plan to buy gifts for fathers or stepfathers. Other recipients include husbands (26%), sons (10%), brothers (8%), friends (8%), and grandfathers (6%).
Three-quarters of consumers expect to celebrate in June. Average spending per shopper is $189.81, down slightly from $196.23 last year. Shoppers aged 25 to 34 lead all demographics at an average of $275.67 per person.
Popular Gift Categories
The top gift categories remain consistent with prior years:
- Greeting cards (58%)
- Clothing (54%)
- Special outings (52%)
- Gift cards (48%)
- Personal care items (31%)
Experience-based gifts, such as tickets to sporting events or concerts, appeal to 27% of shoppers. Subscription boxes continue their climb, with 42% of consumers expressing interest compared to 34% in 2019.
Shopping Preferences and Priorities
When choosing gifts, shoppers prioritize uniqueness (47%) and creating memorable moments (39%). Online is the leading channel at 42%, followed by department stores (38%), discount stores (24%), specialty stores (22%), and local or small businesses (19%).
The survey polled 8,580 consumers with a margin of error of plus or minus 1.1 percentage points.
Implications
Retail-sector auditors and CFOs should watch the continued post-pandemic elevation in discretionary spending categories and the ongoing channel migration toward online and subscription models, which affect inventory valuation and revenue recognition timing.