For Immediate Release: May 22, 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
TALLAHASSEE, FL – The Florida Retail Federation (FRF), the state’s premier trade association celebrating more than 80 years of supporting Florida’s retail industry, says Floridians 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, FRF President & CEO. “Once again, Florida 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 FRF’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 FLORIDA RETAIL FEDERATION
Founded in 1937, the Florida Retail Federation is celebrating its 80th anniversary this year as the statewide trade association representing retailers -- the businesses that sell directly to consumers. Florida retailers provide three out of every four jobs in the state, pay more than $49 billion in wages annually, and collect and remit more than $20 billion in sales taxes for Florida’s government each year. In fact, more than three out of four of Florida’s budget dollars come from retail-related activity.
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.