A third of all Americans will purchase at least one graduation gift this year while the average consumer buying graduation gifts plans to give a gift to two graduates this year and will spend more than $50 on each present, according to a recent survey. Overall, Americans will spend $4.5 billion on graduation gifts this year.

Gift cards (31.3%) and cash (58.8%) will be the most popular graduation gifts, while apparel (9.1%) and electronics (11.5%) will take a backseat, according to the National Retail Federation’s inaugural Graduation survey, conducted by BIGresearch. Many consumers also plan to give a greeting card (35.7%).

“For students heading off to college or moving out into the real world, cash and gift cards are the ideal graduation present,” said NRF president and chief executive officer Tracy Mullin. “Retailers can expect to see a nice bump in sales later this summer as students redeem gift cards and make big purchases with graduation money.”

Parents and grandparents will spend the most on graduation gifts this year, with the average American over the age of 45 spending over $110 on gifts.

JCK