Father’s day spends expected to reach record highs
This Father’s day is on the verge of being the most expensive of all time. Father’s day is celebrated on this Sunday. Early spending data indicates that the U.S will most likely spend a record $20.1 billion. The estimate has been arrived at by National Retail Federation (NRF). NRF is the world’s largest retail trade association.
The $20.1 billion estimated to be spent this year far eclipses the previous record of $17 billion spent in 2020.
The NRF survey concludes that people plan to spend approximately $174 on Father’s Day items. This is higher by $26 compared to last year’s numbers. The increase in spend is most likely due to the savings obtained due to COVID-19 restrictions when people were not allowed to travel or shop. Read Karnataka relaxes COVID 19 restrictions
“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.” Read Paytm to raise ₹12000 crores
The most popular items being gifted are greeting cards, clothing, special outings followed by gift cards.
Historical Spends on Father’s Day
Over the past 5 years the amount spent on Father’s Day has increased year on year, except in 2018. There was a marginal dip in spends n. As can be seen from the below graph, there is a steep increase of almost 17% as compared to last year’s spend. This is the biggest rise in spend over the past 5 years.
In line with the total spend, the per person spending too has shot up drastically this year.