As we approach September, University students are starting to think about back-to-school shopping. And it seems like they’re planning on spending more than ever this year.
According to the National Retail Federation’s annual survey, back-to-university spending is thought to reach an all-time high this year thanks to consumer confidence and more young adults enrolled in school. In fact, total spending is expected to reach $54.1 billion, up from $48.5 billion in 2016.
On the other side of the equation, families with elementary schoolers through high schoolers are forecasted to spend a total of $29.5 billion, in comparison to last year’s $27.3 billion. Regardless of the increase, spending would still fall short of the 2012 record of $30.3.
Seeing as the retail sector has been crumbling as of late – due to the decrease in foot traffic as shoppers start to buy online – the National Retail Federation’s survey results are likely to welcome news for the industry.
“Families are now in a state of mind where they feel a lot more confident about the economy,” Matthew Shay, NRF President, and CEO, 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 continueYe want to t to do so throughout the rest of the year.”
Let’s dive a bit more into the numbers:
University students and their families are planning to spend an average of $969.88 in 2017, compared to $888.72 last year. As of right now, they expect to spend most of the money on clothing, electronics, and snacks and food items. However, parents with younger students plan to spend an average of $687.72, with most of the money going towards school supplies, clothing, and electronics.
For those wanting to benefit the most from back-to-school shopping, the National Retail Federation found that more families are shopping well before the first day of school, therefore retail stores might want to think about introducing deals early in the summer.
Featured Image: depositphotos/michaeljung
