NRF: Consumers to spend more on grad gifts
WASHINGTON The National Retail Federation found that while fewer people would be buying graduation gifts this year, those who do plan to spend slightly more.
According to the survey, gift givers this year will buy for an average of two graduates, spending an average of $89.95 on gifts, up slightly from $88.01 last year. Total graduation spending is expected to reach $3.9 billion.
NRF found that cash will still be the most popular gift option (58.3% vs. 58.9% last year), and more people (31.6% vs. 29.4% last year) will also give gift cards this year.
“The appeal of tangible gifts will never fade, but cash and gift cards are often a welcome present for graduates,” said Matt Shay, president and CEO of NRF. “Many young adults, who are impacted by a lack of summer employment options or struggling to find an entry-level job out of college, realize that monetary gifts offer the flexibility to buy everything from college textbooks to furniture for their first apartment.”