NRF: Back-to-School/College Spending to Total $83.6 Billion


The latest annual survey from the National Retail Federation (NRF) reports that total spending for back-to-school and back-to-college shopping this year will reach $83.6 billion—a year-over-year (YOY) increase of 10 percent. Conducted by Prosper Insights and Analytics, the survey polled 7,226 consumers.

Families with elementary through high school students expect to spend an average of $687.72 for a total of $29.5 billion—an 8-percent leap YOY. The forecasted spending is the second-highest estimate since 2012’s $30.3 billion. $10.2 billion will go toward clothing, while $8.8 billion will be spent on electronics, and $5.6 billion will be spent on shoes. School supplies will account for $4.9 billion of the total.

Families with students returning to college anticipate spending an average of $969.88, up from last year’s $888.71. Total spending is expected to clock in at $54.1 billion, a significant jump from 2016’s $48.5 billion. Back-to-college shoppers will spend $12.8 billion on electronics; $8 billion on clothes; $7.5 billion on snacks and food; and $5.9 billion on dorm/apartment furnishings.

“Families are now in a state of mind where they feel a lot more confident about the economy,” says Matthew Shay, NRF President and CEO. “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. As students head back to the classroom, retailers are prepared to meet their needs whether it’s for pencils and paper, shirts and pants or laptops and tablets.”

Share

More News

Walgreens Boots Alliance Receives Approval to Acquire Rite Aid Stores
September 20, 2017
Deerfield, Ill.-based drugstore company Walgreens Boots Alliance has obtained regulatory approval to buy Rite Aid stores.
Full Story

Kohl’s to Accept Amazon Returns at Select Stores
September 20, 2017
Menomonee Falls, Wis.-based department store company Kohl’s has announced that it will begin accepting returns for items purchased on Amazon.com at some of its forthcoming in-store Amazon shops.
Full Story

IKEA Introduces Utensil Vending Machine in Stockholm
September 20, 2017
Swedish furniture giant IKEA has introduced a new kitchen tool vending machine at the Hötorget subway station in Stockholm.
Full Story