As of early July, more than half (55%) of back-to-school and college shoppers have already begun buying items for the upcoming school year, according to the annual survey released by the National Retail Federation (NRF) and Prosper Insights & Analytics.
“The back-to-school and college season is an important time for retailers and consumers,” NRF Vice President of Industry and Consumer Insights Katherine Cullen said in a news release. “Families and students are eager to get a jumpstart on their shopping for the start of the school year. Retailers have anticipated this early demand and are well-positioned to offer a variety of products at competitive prices.”
Consumers Looking for Back-to-School Deals
While shopping is well underway, the majority (86%) of consumers still have at least half of their purchases left to complete, according to the survey. The top reasons consumers still have shopping to do are because they are waiting for the best deals (45%) or they don’t know what is needed yet (45%).
As retailers kick off summer deals from Circle Week to Deal Days to Black Friday in July, consumers are taking note. Similar to last year, 85% of back-to-class shoppers say they will take advantage of Prime Day and other retailer sales in July to buy classroom staples and other school necessities, the NRF states.
Back-to-School Spending
Families with children in elementary through high school plan to spend an average of $874.68 on clothing, shoes, school supplies and electronics. This is approximately $15 less than last year’s record of $890.07 but is the second-highest amount in the survey’s history, according to the NRF. Total back-to-school spending is expected to reach $38.8 billion, also the second-highest figure on record, after last year’s high of $41.5 billion.
“Last year’s watermark was partially driven by record investments in electronics, with 69% of back-to-school shoppers planning to purchase a laptop, tablet or other electronic device for their student,” Prosper Executive Vice President of Strategy Phil Rist said in the release. “These are typically items students can use for several years, which may be why we are seeing slightly less interest in electronics this year.”
K-12 shoppers are budgeting $309.35 on average for electronics ($13.7 billion total), $253.29 for clothing and accessories ($11.2 billion total), $141.62 for school supplies ($6.3 billion total) and $170.43 for shoes ($7.6 billion total), the NRF states. College students and their families are expected to spend an average of $1,364.75 on items for the upcoming school year, in line with last year’s record of $1,366.95.
Total back-to-college spending is expected to reach $86.6 billion, the second-highest figure in the history of the survey. Last year, total spending was forecast to hit a record $94 billion.
The top five categories for college spending include $359.49 on average for electronics ($22.8 billion total), $192.40 for dorm or apartment furnishings ($12.2 billion total), $171.06 on clothing and accessories ($10.9 billion total), $149.71 on food ($9.5 billion total) and $112.60 on shoes ($7.1 billion total), according to the survey.
