NRF: Back-to-school spending to be second-highest on record
Back-to-school spending for kindergarten through 12th grade (K-12) and college is well underway.
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 and Prosper Insights & Analytics. Similar to past years, the most popular destinations for back-to-school shopping for K-12 are online (57%), department stores (50%), discount stores (47%), clothing stores (42%) and electronics stores (23%).
Also in keeping with past years, the top shopping destinations for back-to-college students and their parents are online (50%), followed by department stores (35%), discount stores (31%), and college bookstores, office supply stores and clothing stores (tied at 26%).
But while shopping is well underway, 86% of consumers still have at least half of their purchases left to complete. 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%).
K-12
Back-to-school spending (K-12) is expected to reach $38.8 billion, the second-highest figure on record, after last year’s high of $41.5 billion.
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.
“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,” said Prosper executive VP of strategy Phil Rist. “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).
With more and more retailers offering summer deals, 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.
College spending
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).
“The back-to-school and college season is an important time for retailers and consumers,” said NRF VP of industry and consumer insights Katherine Cullen. “Retailers have anticipated this early demand and are well-positioned to offer a variety of products at competitive prices.”
Since 2003, NRF has conducted a comprehensive survey on back-to-class shopping trends. This year’s research included 7,533 consumers and was fielded July 1-8 with a margin of error of plus or minus 1.1 percentage points.
