WASHINGTON -- As graduates from across the country take that memorable walk to grab their diplomas, loved ones are planning to make their big day extra special this year. Americans will dole out $99.94 on gifts this year, up by $9 from 2011.
One-third of Americans will buy graduation gifts, a rise from 30.7% in 2011, according to the National Retail Federation's 2012 graduation survey. Gift givers also will buy for an average of two graduates.
Following a trend from this past holiday season, more than one-third intend to give gift cards as their graduation gift, a five percentage point rise from last year. The flexibility, convenience and ease of purchasing gift cards makes this type of gift the ideal way for consumers to show their appreciation while also letting the graduate choose the perfect gift for them. Other items such as apparel, greeting cards, cash and electronics saw a steady increase in popularity this year, as some people are looking for more ways than one to say “congratulations.”
Total spending for 2012 graduation gifts like gift cards, apparel, greeting cards, electronics and other presents is expected to hit $4.7 billion.
Published by The Business Journal, Youngstown, Ohio.