Consumers expected to spend generously on Father’s Day

Father’s Day spending is expected to reach a record $24 billion this year, according to the National Retail Federation.

That’s up from $22.4 billion last year, and it tops the previous record of $22.9 billion, the Washington, D.C.-based trade association reported.

Nearly half of consumers (48 percent) say they plan to purchase a gift for a father or stepfather this year, followed by those purchasing gifts for a husband (25 percent), son (12 percent), brother (nine percent), friend (eight percent) or grandfather (six percent).

More than three-quarters of consumers (76 percent) plan to celebrate Father’s Day, keeping up a trend that began several years ago.

Consumers are planning to spend an average of $199.38, per person, nearly $10 more than they spent last year. People between 35-44 years old usually spend the most on Father’s Day, an average of $278.90. That group is expected to spend an average of $27 more this year than they did last year, according to the federation.