Younger consumers are taking the lead when it comes to celebrating Father’s Day, according to professional services network PwC.
Research from the former PricewaterhouseCoopers indicated that 70% of Millennials and 66% of Gen Zers planned to celebrate Father’s Day, compared with 52% of Gen Xers and 38% of Baby Boomers. As they do so, 32% of Gen Z and 28% of Millennials participating in the research said they expected to spend more this year than last, compared with 13% of Gen X and 11% of Boomers.
PwC added that Gen Zers and Millennials are fueling a subscription-gifting boom. This year, 68% of Gen Zers and 61% of Millennials said they intend to purchase subscription gifts, versus 26% of Gen Xers and 10% of Boomers.
For 53% of Gen Z and Millennial consumers, how much they spend reflects how much they value the recipients, compared with 29% of Gen X and 18% of Boomers who share this sentiment.
Overall, consumers plan to spend an average of $93 on physical gifts and $46 on experiences for Father’s Day. In comparison, consumers budgeted $124 on physical gifts and $141 on experiences for Mother’s Day. Another contrast between Mother’s Day and Father’s Day relates to self-gifting: 28% of research participants planned to self-gift for Father’s Day. That compares with 23% of participants in PwC research who planned to do so for Mother’s Day.
Most Father’s Day shoppers (72%) plan to give physical gifts. However, many consumers think dads want memories, not merchandise, with 70% reporting that fathers prefer quality time over traditional gifts and 51% saying they plan to purchase experiences as part of their Father’s Day celebrations.
PwC noted that brick-and-mortar retail locations remain a focal point for Father’s Day shopping, with 54% of consumers planning to visit stores for the occasion and 45% planning to shop online. By demographic, Gen X leads in-store shopping, with a 60% preference. In contrast, Gen Zers are most likely to shop for Father’s Day gifts through social media, with 36% preferring this channel.
Friends and family (36%) remain the top source of gift inspiration, followed by physical stores (35%), mass retail operations (32%) and social media (27%). From a generational perspective, Gen Z (36%) and Millennials (38%) are most likely to use social media as a source of inspiration, compared with 19% of Gen Xers and 5% of Boomers. Gen Xers (39%) and Boomers (32%) rely most heavily on friends and family.
Artificial intelligence is informing a significant amount of shopping, especially for younger consumers. So, although 18% of consumers are looking to AI tools for Father’s Day gift research, the proportion rises to 27% among Gen Zers and 28% among Millennials.
