The 4.8 million high school and college graduates are getting an early lesson in the real world – things are tough all over. According to new research, spending on graduation gifts is declining after several years of increased spending.
●35% of adults plan on buying a graduation gift, last year 34% bought a graduate a present
●The average spent per recipient was just over $49. On average, consumers will buy for 2 graduates
●Over 55% of purchasers plan to give cash and 43% plan to give a card. Nearly one-third of
graduates will receive a gift card, 11% will get clothes and 12% will get some kind of electronics
●Men plan on spending 20% more on graduation gifts than women. Consumers in the North East will spend the most on graduation gifts – 18% higher than buyers as a whole. Those in the Mid-West plan on spending the lowest amount, 11% below average
What Does This Mean To You?
Graduation means much more than just a nice watch or a new car (I think this only happens in the movies), there is a slew of consumer activities that go along with graduation.
Graduates heading into the workforce will probably be buying new apparel.
It often means leaving the college apartment and moving into something nicer or even a new city.
For those headed to college, there is a long list of things that they need to buy.
The key is not to think of graduation as a onetime spend, it is often the start of a new consumer cycle. These are often consumers building loyalty for the first time with new businesses.
For more information on turning consumers into customers, please contact:
Source: eMarketer; National Retail Federation; Maps of the World