Wednesday, 20 May 2015 15:53

Graduation Spending to Set All-Time High this Year

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Celebrating and commemorating this important milestone will mean big business for Florida retailers; Gift cards, apparel and electronics are three of the most popular options

TALLAHASSEE, 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.

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.

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.


Read 10895 times Last modified on Wednesday, 20 May 2015 16:37