Father’s Day is now a $15.3 billion holiday
This Sunday, June 17, America celebrates the tellers of terrible jokes, monster hunters, insect catchers and advice-giving extraordinaires — otherwise known as fathers and father figures.
In the last 108 years since the nation’s first Father’s Day was celebrated, the day has morphed into a consumer holiday spending spree. For the 77 percent of Americans who celebrate Father’s Day, treating dad — not to mention grandfathers and uncles — to a few of his favorite things will set the average person back $133, according to the National Retail Federation.
Click to see the states that spend the most on holiday gifts.
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Millennials are the most generous when it comes to spending for Father’s Day, expected to spend an average of $188 per person when shopping for a token of affection for dad.
In the past 10 years, Father’s Day spending has jumped from $9.6 billion to $15.5 billion, with another $15.3 billion in spending estimated for this year. The cost of treating dear old dad to special outings, clothing, sports equipment, electronics and more is expected to be second only to last year’s $15.5 billion total, the highest in the 15-year history of the survey at an average $135 per person.
Father’s Day spending could be a sign of relief for struggling department stores — almost 40 percent of survey respondents reported they plan to shop at a department store for Father’s Day gifts this year. Following department store shopping was shopping online (33.8 percent), at discount stores (25.2 percent), at specialty stores (23.6 percent), at local/small businesses (17.7 percent), at specialty clothing stores (10.7 percent) and by catalog (2.3 percent).