On the Heels of Historically High Back-to-School Season, 2013 Spending Expectations Decrease

National Retail Foundation:  A combination of pent-up demand and a growing population of school children put 2012 back-to-school spending in the history books, leaving parents in 2013 with an array of school supplies that still work, and a significantly shorter shopping list. According to NRF’s 2013 Back-to-School Survey conducted by Prosper Insights & Analytics, families with school-age children will spend an average $634.78 on apparel, shoes, supplies and electronics, down from $688.62 last year. Total spending on back-to-school is expected to reach $26.7 billion.

Total back-to-school and back-to-college spending combined will reach $72.5 billion.

“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.” said NRF President and CEO Matthew Shay. “As they continue to grapple with the impact of increased payroll taxes, Americans will look to cut corners where they can, but will buy what their kids need. It’s important to note, however, that spending levels are still well above where they were a few years ago.”

The biggest portion of back-to-school shoppers’ budgets will go toward new apparel and accessories: 95.3 percent of those with school-age children will spend an average of $230.85 on fall sweaters, denim and other chic pieces of attire. Additionally, families will spend on shoes ($114.39) and school supplies ($90.49).

Fewer families with children in grades K-12 will purchase electronics (55.7%), and those that are going to invest in a new tablet or smartphone are going to spend slightly less than last year ($199.05 vs. $217.88 in 2012).

Back to college Average Spending by Year

Back to college Average Spending by Year

Remaining article can be found at:  http://www.nrf.com/modules.php?name=News&op=viewlive&sp_id=1626

 

 

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Categories: Apparel & Gear, General, student debt, Student Resources

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