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Survey: Consumers expected to spend record $15.5B on Father's Day

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Survey: Consumers expected to spend record $15.5B on Father's Day

Retail spending for Father's Day is expected to reach a record $15.5 billion this year, according to a report released by the National Retail Federation.

The June 5 report, conducted as a joint survey in tandem with Prosper Insight & Analytics, analyzed the planned spending habits of 7,335 U.S. consumers for the June 18 holiday.

Shoppers are expected to spend a total of $15.5 billion, or an average of $134.75 per person for the holiday, an increase of nearly $10 from $125.92 in 2016, when shoppers were expected to spend a then-record $14.3 billion. The survey has been conducted annually for 15 years.

NRF president and CEO Matthew Shay said the 2017 figures reflect a positive trend for consumer spending.

"This is a positive sign of strong consumer confidence heading into the second half of the year, and a good deal for all the dads who will reap the benefits," Shay said in the report's release.

Prosper Insight & Analytics principal analyst Pam Goodfellow said personal care shopping is the category to continue to watch.

"Planned spending on items like cologne, aftershave and razors rose nearly 20% year over year, outpacing growth in every other gift category for Father's Day," Goodfellow said.

The report analyzed 12 categories on planned gifts and found that 48% of consumers plan to spend on dinners, brunches and other activities, accounting for a planned $3.3 billion on special outings. Consumers are predicted to spend $2.2 billion on gift cards and the same amount on clothing, while another $1.8 billion is expected to be spent on consumer electronics.

Greeting cards, at 64.3%, are projected to be the most common gift but account for just $861 million of the expected spending.

According to the survey, 40% of consumers will do their shopping at department stores, while 34% will shop online.

The survey was conducted May 2-9 and includes a margin of error of plus or minus 1.2 percentage points.

The NRF report comes less than a week after the U.S. Department of Commerce released its own personal income and outlays report for the month of April, in which it reported personal income increased by $58.4 billion, or 0.4%, in April.

Disposable personal income increased by $56.5 billion, or 0.4%, according to the Commerce Department, and personal consumption expenditures increased by $53.2 billion during the same period.