The U.S. is on the verge of having its most expensive Father’s Day of all time.
Father’s Day is this Sunday and early spending data indicates the U.S. will spend a record $20.1 billion around the holiday, according to the National Retail Federation, the world’s largest retail trade association.
This figure would be the most all time, far eclipsing the $17 billion spent on dads in 2020.
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According to an NRF survey, respondents say they plan to spend an average of $174 on Father’s Day items, which is about $26 more than last year. 2020 spending was a previous record high for the survey.
The increase may be partially due to the increased ability to go on trips or in-person events. Those who say they will spend money on “special outings” are up 5% year-over-year, likely due to stay at home orders and customer behavior related to COVID-19 pandemic.
Special outings could include things such as “dinner, brunch or another fun activity.”
“Consumers are showing they are comfortable with pre-pandemic behaviors and activities, particularly as we head into the summer season,” Phil Rist, vice president of Prosper Insight & Analytics, a data company who helped conduct the survey, said in the release. “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.”
The three most popular items that survey respondents say they will spend money on for Father’s Day 2021 are greeting cards, clothing and special outings.
The survey detailed responses from 7,971 consumers and was conducted May 3-11.