Consumers will collectively spend a record-high $22.9 billion to celebrate Father’s Day this year, according to the annual survey released by the National Retail Federation and Prosper Insights & Analytics. Total expected spending for the Father’s Day holiday is up 14.5 percent from last year’s $20 billion, exceeding the previous record of $20.1 billion in 2021.

“Father’s Day remains a momentous occasion for Americans to honor the important men in their lives,” said NRF President and CEO Matthew Shay. “Consumers plan to celebrate the holiday in a big way this year, and retailers are ready to help make it special.”

Three-quarters of consumers reportedly plan to celebrate Father’s Day this year, which is on par with participation levels in recent years.

Consumers will spend a record $196.23 on average, up from $171.79 in 2022, exceeding the previous record of $174.10 in 2021.

The record highs for both collective and average spending are primarily driven by an increase in the percentage of consumers purchasing clothing, electronics, personal care, and special outings and the amount they will spend on these categories, with half of consumers celebrating the holiday plan to buy for a father or stepfather, followed by a husband (27 percent), son (11 percent), brother (9 percent), friend (8 percent), or grandfather (7 percent).

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

“The big spenders this Father’s Day are consumers aged 35-to-44 who are expected to outspend other consumers 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 the primary shopping destination for consumers this Father’s Day, with 43 percent shopping online, up from 40 percent in 2022, followed by 38 percent shopping at department stores, up from 34 percent last year. Other popular shopping destinations are discount stores (24 percent) and specialty stores (22 percent).

Nearly one-third of consumers (29 percent) celebrating Father’s Day plan to give a gift of experience, such as tickets to a sporting event or concert, up from 25 percent last year and is the highest since NRF started asking the question in 2016. Also, 42 percent of surveyed respondents said they were interested in giving a product subscription box, up from 37 percent last year and is the highest since the NRF began tracking this gift option in 2019.

The survey of 8,414 consumers conducted from May 1-8 has a margin of error of plus or minus 1.1 percentage points.