Do you have a gift for Dad, or are you planning a special outing? There’s still time to snag a gift before Father’s Day this Sunday, marking 115 years since the first observance.
Americans plan to spend a record $24 billion on the holiday. Over $4.8 billion will be spent on special outings, while $3.7 billion will be spent on clothing, the National Retail Federation said. Gift cards will account for $3 billion of Father's Day spending, while electronics will total $2.6 billion.
“Americans are embracing meaningful traditions and holidays, and this Father’s Day, spending on gifts and other holiday items is expected to reach record levels,” NRF Vice President of Industry and Consumer Insights Katherine Cullen said. “As consumers look to recognize the father figures in their lives, retailers are prepared with gift ideas, special deals and convenient shopping options to help customers find the right gifts.”
By comparison, the National Retail Federation estimates that Americans spent $34.1 billion on Mother's Day. For that holiday, jewelry edged out special outings as the top expense.
Father’s Day was first celebrated on June 19, 1910, in Washington state.
