Back to School is Big Business

Ann-Marie Vazzano

The average family with children in grades K-12 will spend $669.28 on back-to-school (BTS) apparel, shoes, supplies and electronics, an increase of 5% over last year, according to the National Retail Federation. Total BTS spending is expected to reach $26.5 billion.

More than one-third of shoppers plan to make BTS purchases online, spending an average of $330. Back-to-college online shoppers are expected to spend $309. Of BTS shoppers who have a smartphone, more than half plan to use their phones to research items and price compare. About 40% will use mobile phones to look up retailer information, and 37% plan to redeem coupons and buy products via mobile phones.

Nearly one in 10 parents say their child influences 100% of what they buy for back to school, up from 7.6% of parents in 2013.

But students are spending their own money, too. According to the survey, Millennials are expected to spend $913 million of their own money on BTS items.

NRF expects that combined spending for both back to school and college will reach $74.9 billion. GP