For Immediate Release: May 24, 2017
Record amount expected to be spent on gift cards, greeting cards, apparel and electronics for Peach State graduates
ATLANTA, GA – The Georgia Retail Association (GRA), the state’s premier trade association representing retailers for over 50 years, says Georgia families will spend more than ever on graduation gifts this year. With more consumers buying for graduates this year – 36 percent compared with 34 percent in 2016 – total spending nationally is expected to reach $5.6 billion, topping last year’s record of $5.4 billion.
“Graduation is a significant achievement in someone’s life as they end one chapter and begin a new one, and recognizing this is important for graduates,” said R. Scott Shalley, GRA President & CEO. “Family and friends are eager to celebrate this important milestone, and we expect the gifts to Peach State graduates to reach record numbers this year, which is great news for Georgia retailers.”
According GRA’s national partners at the National Retail Federation’s annual survey by Prosper Insights & Analytics, the $5.6 billion total is the highest in the survey’s 11-year history. Cash will once again be the most popular gift, given by 53 percent of those surveyed as they seek to help students with the costly transition from high school to college or college to the “real world.” However, cash gifting is at a survey low in 2017, dropping about 10 percent from highs recorded in 2007 and 2009. Greeting cards follow at 41 percent, gift cards at 33 percent, apparel at 16 percent and electronics at 11 percent.
While ages 18-24 are the most likely to give a gift to graduates (at 48 percent), they maintain the smallest budgets at $78.42. The biggest spending is likely to come among parent-age 45-54-year-olds at $119.84 as well as those in the grandparent bracket of 65+, who plan to spend an average $112.34.
ABOUT THE GEORGIA RETAIL ASSOCATION
Since 1961, the Georgia Retail Association has been working on behalf of the retail community to unite and pursue the common goal of creating the best environment for retailing in Georgia. Retail supports 1 out of 4 jobs in the state and is directly and indirectly responsible for 78% of Georgia's gross domestic product. The Georgia Retail Association is a division of the Florida Retail Federation.