Americans to Spend More than $4.7 Billion on Graduation Gifts
Graduation season is upon us and young adults across the country are preparing for the next step in their life, be it a new job or a new school. These same graduates are very likely already thinking of what to do with the graduation gifts heading their way.
While it’s certainly not the biggest consumer spending season, the timeframe around graduation is still very big business for retailers large and small, and with more Millennials taking the stage these days, it should continue to grow. According to NRF’s Graduation Spending Survey conducted by Prosper Insights & Analytics, the average person buying graduation gifts will spend $97.79, and will shop for approximately two graduates. Total spending on gift cards, electronic items, apparel and other items will total $4.7 billion, the highest amount in the survey’s nine-year history.