NRF expects record back-to-school spending this year

Customers will spend file quantities for back-to-school requirements and whole spend is projected to hit a record-setting $37.1 billion — up from $33.9 billion in 2020, in keeping with a Nationwide Retail Federation survey carried out by Prosper Insights & Analytics.

“The pandemic pressured dad and mom and their school-aged youngsters to shortly adapt to digital studying, they usually did it with an unbelievable quantity of resolve and suppleness,” NRF President and CEO Matthew Shay mentioned in a launch on the survey findings. “We enter the brand new college yr with plans to return to the classroom and retailers are ready to assist Individuals discover and buy no matter they should make this transition as seamless as doable.”

Households with youngsters in elementary by highschool plan to spend a mean of $848.90 on college gadgets, which is $59 greater than final yr.

School college students and households plan to spend a mean of $1,200.32, a rise of $141 over final yr. Over half ($80) of this improve is because of elevated spending on electronics and dorm furnishings. Whole back-to-college spending is predicted to succeed in a file $71 billion, up from $67.7 billion in 2020.

“Customers are spending extra on gadgets like electronics and clothes as they make plans for college students to renew actions in particular person this fall,” Prosper Insights Govt Vice President of Technique Phil Rist mentioned within the launch. “For these particularly with youngsters in elementary to highschool, consumers are placing the biggest portion of their budgets towards electronics, new garments and equipment.”

The survey polled 7,704 shoppers.

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