No one wants to think about this while the summer is in full swing, but the first day of school will be here before you know it. The National Retail Federation’s annual survey on back-to-school spending is out and it reveals consumers are expected to spend record amounts this year.
According to their poll of more than 78-hundred U.S. adults, back-to-school shopping is expected to reach $41.5-billion. That’s a big increase over last year’s $36.9-billion and the previous high of $37.1-billion in 2021. Back-to-college spending is expected to hit $94-billion, about $20-billion more than last year.
- It’s only the middle of July, but as of earlier this month, more than half (55%) of those who will be buying for back-to-school had already started shopping, but 85% say they still have at least half their shopping left to do.
- Families with kids in K-12 plan to spend an average of $890.07 on back-to-school items. That’s about $25 more than last year and a new record high.
- Part of that total includes electronics, as 69% of shoppers expect to buy computer-related accessories and other electronics.
- It’s expected that total spending on electronics will reach a record $15.2-billion.
- The top electronics people plan to buy for the coming school year include laptops (51%), tablets (36%) and calculators (29%).
- College students and their families expect to spend an average of $1,336.95 per person. That’s a new record, up from last year’s total of $1,199.43.
- Back-to-college spending has nearly doubled since 2019.
Source: National Retail Federation
photo: GETTY
Photo: Inside Creative House / iStock / Getty Images