Despite looming fears of a recession in the retail sector, Father’s Day spending is expected to reach $20 billion according to a recent National Retail Federation & Prosper Insights and Analytics consumer survey. This figure falls just shy of a record-setting 2021 where Americans spent $20.1 billion on Father’s Day gifts. The report found that nearly 76 percent of U.S. adults will celebrate Father’s Day this year. 

With consumers continuing to grow more comfortable with online shopping, it’s expected that 40 percent will shop via an online retailer, while 34 percent will shop at a department store. 

“Despite growing concerns about inflation, consumers plan to spend approximately the same amount as last year in celebration of Father’s Day,” said NRF president and CEO Matthew Shay adding that American spending patterns also reflect the sentimental nature of the holiday as consumers are prioritizing purchases that are of a unique and meaningful nature. 

“Spending in the most popular gift categories closely mirrors last year’s projections despite inflation woes,” noted Prosper vice president of Strategy Phil Rist. The survey found that 64 percent of consumers reported experiencing higher Father’s Day gift prices this year. 

The survey also found that consumers are opening their wallets this year, spending $171.79 on average to celebrate dad, just slightly down from last year when the average spend was $174.10. 

There are several trends affecting buying habits this year with 44 percent of consumers choosing a gift that is unique or different, while 37 percent want a gift that will create a special memory. Gifts of experience remain a popular choice with consumers with 25 percent expected to buy tickets to an event, while subscription box services continue to gain in popularity with 37 percent of consumers planning on giving a gift that keeps on giving year-round. 

Consumers plan on spending more taking Dad out to dinner this year averaging $32.29, slightly up from last year.