According to the National Retail Federation’s (Washington, D.C.) annual survey, consumers will spend on average $102.51 per person on graduation gifts this season, totaling $5.2 billion, a $400 million projected decline from last year. In the 12-year history of the survey, this year’s projection is the third-highest, following last year’s projected $5.6 billion and 2016’s $5.4 billion.
Once again, cash is expected to be the most popular gift, given by 55 percent of those surveyed, followed by greeting cards at 43 percent, gift cards at 32 percent and apparel at 14 percent.
A growing trend noted by the organization is peers giving graduation gifts to each other, cash being the most popular. Roughly 45 percent of respondents ages 18 to 24 plan to spend on average $73.87 on graduation gifts.