This year’s high school and college graduates are expected to get a generous send-off, with the total spending on graduation gifts expected to top $4.7 billion, the National Retail Federation estimated.
From simple greeting cards to gift cards to clothes and electronics, one-third of Americans will buy graduation gifts this year, a decent increase from last year’s 30.7 percent.
Over one third of families and relatives of fresh graduates who participated in the federation’s survey said they plan to give gift cards as their graduation gifts, a 5 percentage point increase from last year.
“The flexibility, convenience, and ease of purchasing gift cards makes this type of gift the ideal way for consumers to show their appreciation while also letting the graduate choose the perfect gift for them,” the federation said in a statement.
The federation also found that consumers’ average spending is continuing to rise, with Americans willing to spend as much as $99.94 on graduation gifts, $9 higher than last year.
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