NRF: Grads to see green this year-Market Survey-Magazine-IRISPANCY FASHION ACCESSORIES & JEWELRY

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Magazine > Market Survey > News Content

NRF: Grads to see green this year

Author: nationaljewelernetwork.com 5/17/2009 3:29:08 PM

Washington, D.C.--More than half of all Americans who plan to buy gifts for graduates this year will give them cash, the latest report from the National Retail Federation (NRF) shows.

According to the NRF's 2009 Graduation Consumer Intentions and Actions survey, conducted by Big Research, 58.9 percent of gift-givers will give graduates money, up from 56.8 percent last year.

In addition, approximately 29 percent will give gift cards, down from 32.2 percent last year.

The survey also found that Americans will spend an average of $88.01 on gifts for an average of two students, down from $99.79 last year. Total spending on graduation gifts is expected to reach $3.9 billion.

"Many students will pool graduation money for major purchases like electronics, furniture and house wares," NRF President and Chief Executive Officer Tracy Mullin said in a media release. "Young adults will have tremendous buying power in the next several months."

The survey found other popular graduation gifts to include greeting cards (37 percent), apparel (9.9 percent) and electronics (9 percent).

Watches, also considered a popular graduation gift, have seen sales slip in recent months.

According to the LGI Network's April Time Tracker Newsletter, watch sales declined 28 percent on a same-store dollar basis in March, and 24 percent on a same-store unit basis. This amounts to $269 million worth of fine watches sold at manufacturer's suggested retail prices and 321,0000 units for the month.

All price points experienced declines, according to LGI, with timepieces in the $10,000-$25,000 price range faring the worst. Watches in the $800-$999 price range contracted the least.

The NRF's 2009 Graduation Consumer Intentions and Actions Survey was designed to gauge consumer behavior and shopping trends related to graduation. The poll of 8,447 consumers was conducted from May 5-12.

The LGI Network (LGI) provides marketing and sales information to the world's leading luxury goods retailers, manufacturers and distributors. LGI launched its initial service, Time Tracker in February 2004, which focuses on the U.S.-branded watch market.

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