Americans To Spend $4.7B On Grad Gifts

It's nearly time for summer vacation and that means students all over the country are preparing to graduate.

And friends and families must be very proud this year.

A National Retail Federation survey found Americans plan to spend a whopping $4.7-billion on graduation gifts this year.

The organization says that's the highest amount in the survey's nine-year history.

The survey found the average person buying graduation gifts will spend nearly $98.

Gift cards, electronics and apparel are among the items people plan to buy.

But the majority of people say they plan to give the gift of cold hard cash.

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