They say behind every great child, a father is standing like a rock, supporting and lifting the child. He is a son’s first role model and a daughter’s first hero. As Father’s Day approaches, you can show your dad how much he means to you. The desire to honor them on this special day is one thing everyone looks forward to. But wait! Have you ever wondered how much money is spent on Father’s Day? Read along and find out.
How Much Money Is Spent On Father’s Day?
We’ve all heard how much people spend on occasions like Valentine’s Day and Mother’s Day. But what about Father’s Day? So, the amount spent on Father’s Day can vary yearly and across different regions. However, in the United States, according to the National Retail Federation, which monitors these expenses yearly, the number is in the billions. It’s been estimated to be around $17-22.9 billion annually in recent years.
Father’s Day spending is expected to reach $22.4 billion this year, as per an annual survey conducted by the National Retail Federation and Prosper Insights & Analytics. Interestingly, it is slightly lower than the record $22.9 billion spent on the holiday last year.
Father’s Day Spending
Father’s Day is a significant occasion that’s celebrated worldwide to honor fatherhood and paternal bonds. You express your love through gifts, dining out, purchasing greeting cards, taking them out on a holiday, or giving them one in a lifetime kind of experiences like jungle safari, hiking, or anything that they like.
About half of the people celebrating the occasion buy presents for either their father or stepfather, followed by a husband (27%), son (11%) and brother (9%). Over the years, the most popular Father’s Day gifts include greeting cards bought by over 61%. Other top Father’s Day gifts include clothes (55%), dinner or brunch outing (52%), gift cards (48%) and personal care items (32%).
The reason why people spend their money on gifts is because they serve as an expression of appreciation. You have a wide variety of options available that you can purchase for your father. You can buy clothes, electronics, tools, and sporting goods. The choice of gift can depend on what your father likes. You can splurge on it if you have the means for it or opt for an affordable gift, too.
Affordable options for Father’s Day
Dining experiences are another hallmark of Father’s Day celebrations, whether it involves a special home-cooked meal or dining out at a favorite restaurant. You share a meal with your father and other family members, allowing families to bond and create cherished memories.
You have an affordable option in the form of greeting cards. They may seem small, but they are timeless and can hold sentimental value. You can write down your feelings and convey love and gratitude for everything your father has shown.
You can also take him out and give him a great experience, such as tickets to events or activities, and offer an alternative way to celebrate Father’s Day by creating lasting memories. Whether attending a sports game, going on a fishing trip, or enjoying a spa day, these experiences provide opportunities for quality time spent together.
Demographic Insights
Father’s Day demographic insights can provide valuable information about consumer behavior and preferences surrounding this holiday. Here are some critical demographic trends:
Gender
While men and women celebrate Father’s Day, purchasing patterns may vary. Women tend to spend more on gifts for their fathers or father figures. Surveys have shown that 58% of women celebrate Father’s Day, whereas only 48% of men said they will celebrate their fathers.
Age
Younger demographics, particularly Millennials and Generation Z, are increasingly influential in Father’s Day spending. The same survey says that the younger generation is more likely to spend on experiences rather than traditional gifts and often prioritize unique and personalized items.
Income
Of course, higher-income households tend to spend more on Father’s Day gifts and experiences. That’s a no-brainer! They choose luxury items, fancy and upscale dining experiences, or elaborate gifts like electronics or gadgets.
Location
Urban areas may spend more on dining experiences or entertainment activities than rural areas. Rural areas could lean toward traditional gifts like tools, greeting cards, electronics and outdoor equipment.
Conclusion
Father’s Day is a time for honoring paternal figures and a significant economic opportunity. The statistics show that billions of dollars are spent annually on gifts, dining experiences, greeting cards, and more. As Father’s Day continues to evolve because people are evolving, the day can grow even more memorable in the coming years, and the numbers will only increase. Lastly, whether or not you wish to spend your money depends on your income and stability. If you need more money, take a Beem Everdraft between $5-$1000 without credit checks, interest or income restrictions. Remember to celebrate your father and make him feel special on this day!
Read Related Article: 5 Smart Money Moves for New Dads
FAQs
What is the economic impact on Father’s Day?
The economic impact of Father’s Day is quite significant, as billions of dollars are spent annually on gifts, fancy dining, experiences, vacations, and other celebratory items.
What is the average amount of money spent on Father’s Day?
According to statistics, consumers in the United States spend around $170-$200 per person on Father’s Day gifts and celebrations.
What is the trend for Father’s Day in 2024?
The trend for Father’s Day in 2024 usually depends on factors like a person’s financial condition, personal emotions, and other cultural trends. Celebrate it however you like. If your father loves basketball, take him to an NBA game. If your father loves seafood, select the best restaurant and spend the evening together eating squid and crabs.
