Did you know that the nation's first Father's Day was celebrated on June 19, 1910? But it wasn't until 1972—58 years after President Woodrow Wilson made Mother's Day official—that the day honoring fathers became a nationwide holiday in the United States. Father's Day 2023 takes place Sunday, June 18.

Every year since 2003, the National Retail Federation (NRF) and Prosper Insights & Analytics have conducted an annual survey to estimate consumer spending and the most popular trends for gifts on Father's Day.

This Year Consumer Spending Will Break Records

Consumers will collectively spend $22.9 billion to celebrate Father's Day this year, up from $20 billion last year and the previous record of $20.1 billion in 2021. 

 "Consumers plan to celebrate the holiday in a big way this year, and retailers are ready to help make it special," NRF President and CEO Matthew Shay said.

Individually, consumers expect to spend a record $196.23 on average, up from $171.79 last year and exceeding the previous record of $174.10 in 2021.

The Most Popular Gifts For Dad

As in years past, the most popular Father's Day gifts are greeting cards, purchased by 61% of consumers. Other top gifts include clothing (55%), a special outing such as dinner or brunch (52%), gift cards (48%), and personal care items (32%).   

"The big spenders this Father's Day are consumers aged 35 to 44 who are expected to outspend other groups by nearly $100," Prosper Executive Vice President of Strategy Phil Rist said. "Those aged 45 to 54 plan to increase their spending the most, by spending $57.04 more than they planned last year."

Online remains Father's Day's most popular shopping destination, with 43% of consumers shopping online, up from 40% last year. This is followed by 38% shopping at department stores, up from 34% last year. Other popular destinations are discount stores (24%) and specialty stores (22%). 

Nearly one-third (29%) of those celebrating Father's Day are planning to give a gift of experience, such as tickets to a sporting event or concert. This is up from 25% last year and is the highest since NRF started asking this question in 2016. Also, 42% are interested in giving a product subscription box, up from 37% last year and is the highest since NRF began tracking this gift option in 2019.

If you're looking for suggestions on how to celebrate Father's Day, here are a few ideas that may make the day more special:

• Plan a fun outing: Take your dad on a hike, go fishing, or visit a museum. Whatever activity you choose, make sure it's something he enjoys and that you can do together.

• Cook a special meal: Whether it's a home-cooked breakfast or a fancy dinner, cooking a meal for your dad is a great way to show him how much you care. Bonus points if you make his favorite dish!

• Write a heartfelt note: Sometimes, the best gift of all is simply telling someone how much they mean to you. Write your dad a heartfelt note expressing your love and gratitude for all he's done for you.

Remember, what matters most is spending time together and showing your dad how much you appreciate him.

With an A+ rating from the Better Business Bureau and an 80% renewal rate, Quikstone Capital Solutions is a leader in the financial services industry with a reputation for honesty, transparency, and a commitment to the highest level of service.

If you need cash for your business, don't wait any longer. Contact us today to learn more about how a cash advance from Quikstone can help your business grow.