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Back-to-School Spending Increasing

a3-aug-17

Parents, open your wallets. Back-to-school costs are expected to ramp up this year.

The National Retail Federation projects that back-to-college spending will hit a record $54.1 billion this year, due in part to increasing enrollment size and greater consumer confidence. The numbers are a 10 percent increase over last year’s spending.

“Families are now in a state of mind where they feel a lot more confident about the economy,” NRF President and CEO Matthew Shay said in a statement. “With stronger employment levels and a continued increase in wages, consumers are spending more, and we are optimistic that they will continue to do so throughout the rest of the year.”

According to the NRF, parents of college students do most of their shopping online and spend an average of $969.88 per student. Much of that cost includes books and electronics.

Parents of children in elementary through high school plan are projected to spend an average of $687.72 for each child. Most of their shopping is in department stores and goes towards clothing.

What are your thoughts on back-to-school spending?

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