Growing Economy Equals More Back-to-School Spending
Share This article
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.
Share This article