Forget the tie or slippers. Surveys suggest that this year, dear old dad will receive some fairly pricey gifts on Father's Day.

For the holiday on Sunday, $11.1 billion will be spent this year on gifts, up 13 percent from last year, or an average of $106 per household, up from $94 last year and the highest Father's Day spending in eight years, the National Retail Federation predicts.

"Spending on Dad has taken a backseat for the past few years, but some kids and wives are planning to make up for lost time this Father's Day," said Matthew Shay, president and chief executive of the trade group. "Shoppers seem to be more excited when it comes to gift giving, an encouraging sign for retailers -- and dads -- everywhere.