Consumers to spend $50 per graduation gift: study
Consumers shopping for graduation gifts this year will spend about $50 on each present, according to a new study by the National Retail Federation.
According to the inaugural graduation survey, conducted by BIGresearch in conjunction with the NRF, one-third of Americans will purchase at least one graduation gift this year.
The average shopper will be buying for two graduates.
The total expected sales revenue on graduation gifts this year is $4.5 billion.
Many graduates will receive gift cards and cash after this year's commencement ceremonies. The study found that and 58.8 percent will receive cash and 31 percent will get gift cards.
For those who will receive actual gifts, 9.1 percent will get apparel and 11.5 percent will receive electronics.
In addition to gifts, 35.7 percent of consumers plan to give a greeting card.
Parents and grandparents will spend the most on graduation gifts this year, with Americans over 45 spending an average of at least $110.