WASHINGTON – As of early July, more than half (55%) of back-to-school and college shoppers have already begun buying items for the upcoming school year, according to the annual survey released today by the National Retail Federation and Prosper Insights & Analytics.
The back-to-school and college season is an important time for retailers and consumers.
“The back-to-school and college season is an important time for retailers and consumers,” NRF Vice President of Industry and Consumer Insights Katherine Cullen said. “Families and students are eager to get a jumpstart on their shopping for the start of the school year. Retailers have anticipated this early demand and are well-positioned to offer a variety of products at competitive prices.”
While shopping is well underway, the majority (86%) of consumers still have at least half of their purchases left to complete. The top reasons consumers still have shopping to do are because they are waiting for the best deals (45%) or they don’t know what is needed yet (45%).
As retailers kick off summer deals from Circle Week to Deal Days to Black Friday in July, consumers are taking note. Similar to last year, 85% of back-to-class shoppers say they will take advantage of Prime Day and other retailer sales in July to buy classroom staples and other school necessities.
Families with children in elementary through high school plan to spend an average of $874.68 on clothing, shoes, school supplies and electronics. This is approximately $15 less than last year’s record of $890.07 but is the second-highest amount in the survey’s history. Total back-to-school spending is expected to reach $38.8 billion, also the second-highest figure on record, after last year’s high of $41.5 billion.
“Last year’s watermark was partially driven by record investments in electronics, with 69% of back-to-school shoppers planning to purchase a laptop, tablet or other electronic device for their student,” Prosper Executive Vice President of Strategy Phil Rist said. “These are typically items students can use for several years, which may be why we are seeing slightly less interest in electronics this year.”
K-12 shoppers are budgeting $309.35 on average for electronics ($13.7 billion total), $253.29 for clothing and accessories ($11.2 billion total), $141.62 for school supplies ($6.3 billion total) and $170.43 for shoes ($7.6 billion total).
Similar to past years, the most popular destinations for back-to-school shopping are online (57%), department stores (50%), discount stores (47%), clothing stores (42%) and electronics stores (23%).
College students and their families are expected to spend an average of $1,364.75 on items for the upcoming school year, in line with last year’s record of $1,366.95. Total back-to-college spending is expected to reach $86.6 billion, the second-highest figure in the history of the survey. Last year, total spending was forecast to hit a record $94 billion.
The top five categories for college spending include $359.49 on average for electronics ($22.8 billion total), $192.40 for dorm or apartment furnishings ($12.2 billion total), $171.06 on clothing and accessories ($10.9 billion total), $149.71 on food ($9.5 billion total) and $112.60 on shoes ($7.1 billion total).
Similar to past years, the top shopping destinations for back-to-college students and their parents are online (50%), followed by department stores (35%), discount stores (31%), and college bookstores, office supply stores and clothing stores (tied at 26%).
Since 2003, NRF has conducted a comprehensive survey on back-to-class shopping trends. This year’s research included 7,533 consumers and was fielded July 1-8 with a margin of error of plus or minus 1.1 percentage points.
As the leading authority and voice for the retail industry, NRF provides data on consumer behavior and spending for key periods such as holidays throughout the year.
About NRF
The National Retail Federation passionately advocates for the people, brands, policies and ideas that help retail succeed. From its headquarters in Washington, D.C., NRF empowers the industry that powers the economy. Retail is the nation’s largest private-sector employer, contributing $5.3 trillion to annual GDP and supporting more than one in four U.S. jobs — 55 million working Americans. For over a century, NRF has been a voice for every retailer and every retail job, educating, inspiring and communicating the powerful impact retail has on local communities and global economies. nrf.com
About Prosper Insights & Analytics
Prosper Insights & Analytics is a global leader in consumer intent data serving the financial services, marketing technology, and retail industries. We provide global authoritative market information on U.S. and China consumers via curated insights and analytics. By integrating a variety of data including economic, behavioral and attitudinal data, Prosper helps companies accurately predict consumers’ future behavior to help identify market behaviors, optimize marketing efforts, and improve the effectiveness of demand generation campaigns. https://prosperinsights.com/