Consumers in Nevada will spend an estimated $86.8 million in graduation-related transactions, according to projections by the Retail Association of Nevada.
“Retail spending is poised to set records for another special event, spring graduations,” Bryan Wachter, senior vice president of the association, said in a statement. “This shows that Nevada has a strong retail sector that is continuing to grow and create jobs in Nevada.”
Retail Association of Nevada projections are based on a recent survey by the National Retail Federation, which estimated that consumers across the country are planning to spend an average of $107.46 on graduation gifts for a total of $5.5 billion in spending nationwide.
More than a third (34 percent) of respondents reported to be celebrating a graduation this year, up slightly from the previous year.
Cash will be the top gift of choice for more than half of respondents (53 percent), according to the National Retail Federation survey. Greeting cards (41 percent) and gift cards (33 percent) are the next two most popular choices. The gift list rounds out with apparel (15 percent), electronics (10 percent) and other gifts (5 percent).
Nevada’s two largest universities, University of Nevada, Las Vegas (UNLV) and University of Nevada, Reno (UNR) awarded more than 6,200 degrees combined this spring. High school graduations are taking place all over the state with the majority starting this past weekend.
Nearly 30,000 students are expected to receive their diplomas in 2019, the Retail Association of Nevada said.