Americans are expected to spend $12.5 billion on Father’s day gifts. (Source: CNN)
(CNN) – The first Father's Day was first celebrated in 1910, but wouldn't be proclaimed a national holiday for another 50 years.
In the last century, gifts honoring dads have become big business during the summer retail season, and Father's Day spending is expected to hit $12.5 billion this year, according to a consumer survey by the National Retail Federation.
The average person will spend $113.80 on dad, down about 5 percent from last year.
Among popular gifts, Americans will spend about $2.5 billion on a special day out like dinner or tickets to a ball game, and $1.8 billion on apparel like the old favorite, the tie.
Another $1.8 billion will be spent on gift cards so day can choose his own gift; finally, $1.6 billion will be spent on electronics.
It's also the fourth biggest holiday for greeting cards, with 87 million of the exchanged each year. Half are purchased for dads, almost 20 percent for husbands, and the rest for other special guys like grandfathers, sons, brothers and uncles.
It all seems like big spending, but it's not as much as what's spent on mom. This year, Mother's Day spending was expected to reach $19.9 billion.
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