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NRF Forecast: Spending Decline for Back-to-School
Americans will spend $72.5 billion on Back-to-School and Back-to-College goods this year, according to a survey released July 18 by the National Retail Federation, the world’s largest trade association for retailers.
Families with school-age children will spend, on average, $634.78 on apparel, footwear, supplies and electronics for the 2013 Back-to-School season. It is a decline from the average of $688 spent last year.
NRF President and Chief Executive Officer Matthew Shay said that families are being thriftier this year. “The good news is that consumers are spending, but they are doing so with cost and practicality in mind. Having splurged on their growing children’s needs last year, parents will ask their kids to reuse what they can for the upcoming school season,” Shay said.
Increasing gas prices and payroll taxes are two of the factors that will take a bite out of Back-to-School spending this year, Shay said. The survey found that 80.5 percent of Back-to-School shoppers believe that economic conditions will change their spending. However, the season’s spending will be superior to what it was a few years ago.
Most Back-to-School spending will be focused on new clothing. The survey found that 95.3 percent of families with school-age children will spend an average of $230.85 on fall sweaters, denim and other clothing. They are expected to spend an average of $114.39 on footwear and an average of $90.49 on school supplies.
Back-to-College spending will drop in 2013. College students and their families are forecast to spend an average of $836.83 on clothing, electronics and dorm furnishings, down from $907.22 in last year’s Back-to-College season.
