Bigger Budgets for Back-To-School This Year, According to National Retail Federation
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Retailers might just get their wish this back-to-school season. The National Retail Federation released a report Thursday that predicts consumers will spend more, shop earlier and be more receptive to specific promotions. The survey found that total spending for kindergarten through 12th grade and college should reach $75.8 billion, up 11% from last year. The expectations are in stark contrast to 2015, when shoppers waited till the last minute to spend and cut back on purchases.
“Families are still looking for bargains, but there are signs that they are less worried about the economy than in the past,” said Matthew Shay, chief executive and president of the NRF, in a statement. He noted that retailers will be aggressive with deals in order to snare shoppers searching for a bargain.
According to the NRF’s findings, families with kids in kindergarten through 12th grade plan to spend $673.57 on average, this season, up 7% from $630.36 last year. The NRF, whose survey was conducted by Prosper Insights and Analytics, noted that 2016 is a “stock up” year; many longer-lasting supplies such as backpacks and lunch boxes are in need of replacement, so families are spending more. In contrast, last year was a “make do” year.
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