If you’re going to a graduation party this month, you’re probably helping to contribute to a record number of gifts for graduates this year.
Consumers will spend $5.4 billion on graduation gifts this year, according to a survey commissioned by the National Retail Federation.
The most popular gift this year will be cash, although its popularity has dropped since 2007 and 2009, when it set record highs in the federation’s poll. About 54 percent of those surveyed said they would use cash as a gift.
Other popular gifts this year include greeting cards at 41 percent (presumably a chunk of that is in conjunction with cash), gift cards at 33 percent, apparel at 16 percent and electronics at 11 percent.
But those are just the standard gifts. Allure reports that plastic surgery is rising as a graduation gift.
If you’re looking for something in the more popular apparel or electronics categories, online gift guides pop up at just about every website this time of year. Bloomberg even has a list of Warren Buffet-themed gifts.
The survey also found that most graduation gifts will come from peers. The 18-24 age group accounts for 48 percent of graduation gifts.
But that group also spends the least on graduates — $78 on average.
The biggest spenders in the federation’s poll appeared to be parents and grandparents. They spend around $120 and $112 on average.
Prosper Insights and Analytics conducted the poll for the National Retail Federation. They surveyed 7,335 people from May 2 through May 9.