Consumer Watch: Father's Day Spending

NEW YORK - $15.3 billion!

That's how much people will likely spend this Father's Day according to a new study from the National Retail Federation, which 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.

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 per person!

So what are they buying?

According to the survey, clothing, gift cards and consumer electronics are the post popular gifts and 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.

(Mary Moloney, CNN)

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