For Immediate Release: May 22, 2017
Record amount expected to be spent on gift cards, greeting cards, apparel and electronics for Sunshine State graduates
TALLAHASSEE, FL – The Florida Retail Federation (FRF), the state’s premier trade association celebrating its 80th year in supporting Florida’s retail industry, says Floridians 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 a graduate's family and friends,” said R. Scott Shalley, FRF President & CEO. “With loved ones eager to celebrate this important milestone, we expect the gifts to Sunshine State graduates to reach record numbers this year, which is great news for Florida retailers.”
According FRF’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 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.
FOR IMMEDIATE RELEASE: May 20, 2015
Celebrating and commemorating this important milestone will mean big business for Florida retailers; Gift cards, apparel and electronics are three of the most popular optionsTALLAHASSEE, FL – The Florida Retail Federation (FRF), the state’s premier trade association representing retailers for over 75 years, says parents of high school and college graduates plan to spend more than $102 on average to celebrate upcoming graduation ceremonies around the state. According to the National Retail Federation’s 2015 Graduation Spending Survey by Prosper Insight & Analytics, total spending nationwide is expected to reach $4.77 billion, the highest amount in the survey’s 10-year history.
“Graduation is such an important milestone in an adult’s life with proud parents eager to shower their graduates with gifts and commemorative items in celebration of their big accomplishment,” said FRF President/CEO Rick McAllister. “With parents feeling more secure in their jobs and the economy, Florida’s retail industry expects to see record-breaking sales this year as some of these graduates become the newest members of our talented industry workforce.”
Cash (50 percent) and gift cards (40 percent) lead the way with apparel (13 percent) and electronics (10 percent) as other popular options. The popularity of electronics is greater this year than 2014 (8 percent). Older adults (45-54 years old) will spend the most on graduates, spending an average of $126.
ABOUT THE FLORIDA RETAIL FEDERATION
The Florida Retail Federation is the statewide trade association representing retailers -- the businesses that sell directly to consumers. Florida retailers provide one out of every five 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.
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.