Father’s Day 2024: Popular gifts, average spending and origins
economictimes.indiatimes.comFather’s Day. Individuals gift a wide range of goods starting from a simple greeting card to the more expensive products in the market. It is in this context that data obtained from the National Retail Federation reveals that Americans spend a lot more on celebrating Mother’s Day. What is the average rate of gifts purchased and what are these gifts bought on the occasion of Father’s Day? The day is observed to honor one’s father, recognize their sacrifices and bond with them.
Expected spending:
Americans are expected to spend approximately $22.4 billion on Father’s Day this year. This will be the second largest spending on Father’s Day recorded by the National Retail Federation. The spending in 2023 was slightly higher than the expected spending in 2024. The expected spending on Father’s Day in 2024 is $13 billion less than what Americans spent on the occasion of Mother’s Day this year. On an average, people in the age group of 25-34 spend the highest. Their spending averages $275.67.
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A simple greeting card is the most popular gift with 58% of the shoppers planning to purchase one. About 54% of the individuals plan on gifting clothing products to their father. For those of you who are keen on taking out your fathers on a special outing, 52% of the consumers are planning to do the same. Further, 48% are planning to purchase gift cards and 31% said they are gifting personal care items. Many others are planning to gift their fathers a subscription box, concert tickets, movies and tickets to a sporting event. Analysts have noted that is considerably higher than the pre-pandemic spending numbers.
