The period from mid-May to mid-July is one when hundreds of thousands of people celebrate graduating from high schools and colleges across America. They put on strange clothes hired for the day and their proud parents often show up to watch their graduation ceremony. The mostly young adults then move onto higher studies or enter the work force.
According to the NRF’s 2016 Graduation Spending Survey, friends and family will celebrate these achievements by giving gifts to graduates worth a total of $5.4 billion, up 3.9% from last year.
While it is not the biggest retail consumer spending season, it is still a substantial contribution to retailers large and small who will see spending on these gifts across the country. The average person buying gifts will spend $106.45 on an average of two graduates, so $53.73 per recipient.
The gift that is most popular is cash, at 56% of respondents, with greeting cards at 39%. Gift cards are the next most popular item at 31% of those surveyed, followed by apparel (14%) and electronics (11%). These planned gifts were at very similar percentages between men and women surveyed, and also across different income groups.
People in the 18-24 years old group are the most likely to give a gift to a graduate (42%), and the largest spenders are the 45-54 years old group who are likely to gift an average of $61.14 to each graduate.
Graduation is a wonderful opportunity to celebrate academic achievement and progression onto the next stage. Casual Lease wishes all graduates well in their future endeavours.
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Photo credit: © Rawpixelimages | Dreamstime.com – Diversity Students Graduation Success Celebration Concept Photo