Graduation Spending At 10-Year High

PHILADELPHIA (CBS) – Experts say it's a good time to be a grad!

The National Retail Federation says Americans are planning to spend about $4.77 billion on graduation gifts in 2015.

That's the highest number in ten years.

The new survey also says the average gift-giver will spend about $102.50 and will shop for two graduates.

Adults 45-54 will shell out the most cash, and more than half of those polled said they'll give grads cash.