The National Retail Federation expects consumers will spend record amounts for both back-to-school and back-to-college shopping this year. NRF Vice President of Industry and Consumer Insights Katherine Cullen says this increase in expected spending is primarily driven by more demand for electronics.
“This year about 69% of back-to-school shoppers say they need to buy electronics, this is up from 65% last year and the highest we’ve seen in the survey’s history,” said Cullen.
The NRF says back-to-school spending is expected to reach an all-time high of 41.5 billion dollars, up nearly 37 million dollars from last year. Back-to-college spending is expected to hit 94-billion dollars, about 20-billion dollars more last year’s record. Cullen says big ticket items are leading to the huge increase in spending.
“Like electronics, dorm and apartment furnishings, as well as staples like food and snacks, all of those items college students need to carry them through those late nights of studying,” said Cullen.
Cullen says even though consumers plan to spend more on school and college-related items this year, they are still looking to find the best value and deals.
“We’re seeing more back to college and school shoppers heading to discount stores than they did last year, but even with that the top shopping destinations for back to class, still remain shopping online as well as heading to department stores,” said Cullen.
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