For Immediate Release: May 7, 2018
Spending to be near record highs as consumers continue to feel good about their economic situation, with gift cards, cash, apparel and electronics leading the way for graduation gifts
ATLANTA, GA – The Georgia Retailers (GR), the state’s premier trade association representing retailers for over 50 years, says Georgians will spend near record highs on graduates this year. The average person is expected to spend $102.51, close to last year’s total of $104.92. Total spending on graduation gifts nationally is expected to top $5.2 billion, the third highest in the survey’s 12-year history.
“Graduation is such a significant milestone in a young adult’s life, and parents, friends, grandparents and others want to recognize this achievement with near record spending this year,” said R. Scott Shalley, Georgia Retailers President & CEO. “Once again, Georgia retailers will put graduation gift ideas on center stage, focusing on the most popular items and combining the excitement of graduating with great discounts and deals for consumers.”
According to GR's national partners at the National Retail Federation’s annual survey by Prosper Insights & Analytics, cash will once again be the most popular gift, given by 55 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.” Greeting cards — many of them with cash inside — follow at 43 percent, gift cards at 32 percent, apparel at 14 percent and electronics at 10 percent.
The survey found 45 percent of those ages 18-24 plan to give a gift to other graduates, spending an average of $73.87, with cash being their gift of choice. However, the biggest spending, at $119.86, comes from those ages 45-54 who may have a child at home. Those in the grandparent bracket of 65 and above give an average of $107.15.The survey, which asked 7,681 consumers about their graduation gift-giving plans, was conducted May 3-10 and has a margin of error of plus or minus 1.1 percentage points.
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.
ABOUT THE NATIONAL RETAIL FEDERATION
As the world's largest retail trade association and the voice of retail worldwide, the National Retail Federation's global membership includes retailers of all sizes, formats and channels of distribution as well as chain restaurants and industry partners from the U.S. and more than 45 countries abroad. In the U.S., NRF represents the breadth and diversity of an industry with more than 1.6 million American companies that employ nearly 25 million workers and generated 2010 sales of $2.4 trillion. www.nrf.com.