Graduation celebrations are in full swing across the country, and this year people are expected to spend more on graduates than ever before.
Americans are expected to spend $4.77 billion on electronics, gift cards, clothes and cards full of cash for graduates this year – an all-time high in the 10 years the National Retail Foundation has done its annual Graduation Spending Survey.
The average person will spend $102.50 on gifts for approximately two graduates, while adults ages 45-54 are expected to spend the most, averaging $126.43.
Last year, the average person planned to spend just under $98 on gifts, the survey shows.
More than half the people surveyed will be giving cash to graduates, with more than 40 percent of people giving a card. Thirteen percent plan to give clothing and more than 10 percent will buy electronics, the survey found.