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Growing Economy Equals More Back-to-School Spending

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Americans are expected to spend nearly $8 billion more dollars on back to school and college expenses over last year as consumer confidence in the economy continues to grow this fall.

Total spending for K-12 and college is expected to reach $75.8 billion, up from last year's $68 billion, according to the National Retail Federation (NRF).

"Families are still looking for bargains, but there are signs that they are less worried about the economy than in the past," NRF President and CEO Matthew Shay said. 

"Heading into the second half of the year, we are optimistic that overall economic growth and consumer spending will continue to improve as they did in the first two quarters of the year."

Shay says they anticipate retailers will continue to offer great deals in stores and online as families spread out their back-to-school shopping. 

The NRF did find that more families started their back-to-school shopping earlier in the summer, with 73% beginning about a month or two months out from the start of school.

Families with children in grades K-12 plan to spend an average $673.57 on apparel and accessories, electronics, shoes and school supplies, up from last year's $630.36 for a total of $27.3 billion, according to the survey. 

College students and families with children in college plan to spend an average of $888.71, according to the survey, that's down slightly from $899.18 last year.

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About The Author

Caitlin Burke Headshot
Caitlin
Burke

Caitlin Burke serves as National Security Correspondent and a general assignment reporter for CBN News. She has also hosted the CBN News original podcast, The Daily Rundown. Some of Caitlin’s recent stories have focused on the national security threat posed by China, America’s military strength, and vulnerabilities in the U.S. power grid. She joined CBN News in July 2010, and over the course of her career, she has had the opportunity to cover stories both domestically and abroad. Caitlin began her news career working as a production assistant in Richmond, Virginia, for the NBC affiliate WWBT