Consumers expected to spend record amount for Father's Day

Consumers expected to spend record amount for Father's Day
People are supposed to spend a record number for Father's Day (Source: CNN)

WSFA/CNN - What are you getting your dad this Father's Day? A newly-released survey shows people are d ropping major cash this year with spending expected to reach near record levels.

People will likely spend $15.3 billion dollars this Father's Day according to a new study from the National Retail Federation. The survey says rising consumer confidence is leading to another near-record holiday.

This year's projected spending would be second only to last year's projection of $15.5 billion dollars.

According to the survey, 77 percent of Americans will celebrate Father's Day this year. The report also found the biggest spenders are people between the ages of 25 to 34 and they're likely to spend an average of 188 dollars per person!

So what are they buying? The survey also says clothing, gift cards, and consumer electronics are the most popular gifts. People will mostly spend their cash at either at a department store or shop for gifts online. That's why many online retailers are out with many hot deals and steals on everything dad would love.

So go ahead, splurge a little. After all, Father's Day is all about treating dad and showing him how much he means to you.

Copyright 2018 WSFA 12 News via CNN. All rights reserved.