News

Retail grad celebration spend projected to hit $5B

May 22, 2018

While spending on graduation gifts and celebrations won't hit a record-setting figure this year it's still not too shabby given a projection of $5.2 billion.

The spend, which includes everything from greeting cards to gifts to cash, will likely be the third highest amount spent, according to a National Retail Federation study conducted by Prosper Insights & Analytics.

The graduation gift consumer will average $102.51, close to last year's average of $104.92, according to a press release. Last year's total spend of $5.6 billion was the highest in the survey's 12-year history. Cash will be most popular, given by 55 percent, with greeting cards coming in second at 43 percent, according to the survey which polled 7,681 consumers.

"Graduation is a huge milestone for students and parents alike, and retailers are ready to help make it even more memorable," NRF President and CEO Matthew Shay said in the release. "Cash might be the most popular item, but an assortment of graduation gifts from greeting cards and gift cards to clothing and electronics will tempt shoppers."