11 Percent of Graduation Gifts Will Be Electronics, Says NRF Survey
The National Retail Federation said Wednesday retail spending on graduation gifts is on track to reach a record $5.6 billion this year, up from $5.4 billion last year. Thirty-six percent of consumers plan to buy gifts for graduates this year,…
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up from 34 percent last year, it said. Cash tops the list of gifts, given by 53 percent of those surveyed, 33 percent will give gift cards, 16 percent will give apparel and 11 percent will purchase electronics, said NRF. The biggest spending is likely to come from parents ages 45-54 ($119.84 average) and grandparents 65 and older ($112.34 average), it said. The survey of 7,335 consumers was done May 2-9 and has a margin of error of plus or minus 1.2 percentage points.