Graduation season is here, and Americans will shell out $4.6 billion to reward high school and college seniors, per results from a survey conducted for the NRF by BIGinsight. Gift-givers will spend about $94 on average, or $49 per recipient, down from last year’s $100 average. Unlike other events and holidays tracked by the NRF, which have seen increases in spending this year, total projected spending on graduation gifts this year is down from last year’s forecast of $4.7 billion.
As in year’s past, graduates can expect to receive cash. 56.7% of respondents said they intend to give cash, with a card (42.8%) and gift card (32.1%) also popular. Only 1 in 10 plan to buy electronics and apparel. Read the rest at MarketingCharts.