Americans will spend an estimated $5.2 billion on graduation presents for high schoolers and college students this year, according to survey results published by the National Retail Federation. That number represents a decline from last year's estimated $5.6 billion in spending and is lower than the 2016 estimate of $5.4 billion. The average person buying graduation gifts this year will spend $102.51, down slightly from last year's average of $104.92. Cash remains the most popular gift for new graduates, according to the survey.

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