Consumer Payment Card News

Cash or Cards?

While gift cards are exploding on the American scene, it is most likely this year’s high school and college graduates will get good ole cash from most of their older friends. Overall, 31% of Americans will hand-out gift cards this year, but 43% of those between ages 18 and 24 will do so, compared to 29% of those over age 55. The National Retail Federations inaugural Graduation survey, conducted by BIGresearch, found that 59% will give cash, while tangible favorites like apparel (9.1%) and electronics (11.5%) will take a backseat. The survey found that Americans will spend $4.5 billion on graduation gifts this year. Parents and grandparents will spend the most on graduation gifts this year, with the average American over the age of 45 spending over $110 on gifts.

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