NRF: Back-to-School Spending to Increase
July 20, 2012
According to the National Retail Federation's (NRF) 2012 Back-to-School and College surveys conducted by BIGresearch, combined K-12 and college spending will reach $83.8 billion, serving as the second biggest consumer spending event for retailers behind the winter holidays.
The average person with children in grades K-12 will spend $688.62 on their children, up from $603.63 last year. Total spending is expected to reach $30.3 billion.
The survey found that parents with younger children will spend an average of $246.10 on clothes and $217.88 on electronics. Nearly six in 10 (59.6 percent) will invest in some sort of electronic device, a sharp increase from the 51.9 percent who planned to do so last year.
Additionally, the average person with children in grades K-12 will spend $129.20 on shoes and $95.44 on school supplies such as notebooks, pencils and backpacks.
The study found that college students and their families will spend an average of $907.22 on everything from dorm furniture and collegiate gear to school supplies and personal care items, up from $808.71 last year. Total spending for back-to-college is expected to reach $53.5 billion.
According to the survey, nearly three-quarters (74.2 percent) of back-to-college shoppers will buy apparel and accessories, spending an average of $132.97, and 71 percent, the highest in the survey’s history, will buy new shoes, spending an average of $75.81.
Electronics also will be popular with college students, with 54 percent planning to buy a new computer, MP3 player, smartphone or other device, up from 45.8 percent last year.