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Tuesday, May 20, 2014 - 8:40am
CNN — 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 $4.7B on graduation gifts this year. The organization said 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. The majority of people said they plan to give the gift of cold hard cash.
Americans expected to spend billions of dollars on graduation presents