MINNEAPOLIS (WCCO) – Students all over the country are putting on their caps and gowns and getting ready to say goodbye to school.

And their loved ones are preparing to spend big bucks to congratulate them.

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A National Retail Federation survey shows Americans are planning to spend a whopping $4.77 billion on graduation gifts this year.

That’s the highest amount in the survey’s 10-year history.

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The average gift-giver will spend about $102 and will shop for two graduates.

More than half said they would give the graduates cash. About 40 percent said they’d buy a card.

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Others said they would pick up gift cards, apparel and electronics.