Back-to-school spending expected to hit record levels – Footwear News

0

Families with elementary and high school-aged children are expected to spend at record levels this back-to-school season – about $ 850 per child – according to a new survey.

The National Retail Federation and Prosper Insights & Analytics said Monday back-to-school spending is expected to reach $ 37.1 billion, up from $ 33.9 billion last year. Per child, spending will increase 7.5% year over year, according to the survey.

About 43% of all shoppers said they would use government stimulus money to buy school supplies.

“The pandemic has forced parents and their school-aged children to adapt quickly to virtual learning, and they have done so with incredible determination and flexibility,” said Matthew Shay, president and CEO of the NRF, in a press release. “We are entering the new school year with plans to return to the classroom, and retailers are ready to help Americans find and buy everything they need to make this transition as smooth as possible.”

The survey found that shoppers plan to spend $ 161.04 on shoes, up from $ 149.20 last year, and $ 253.46 on clothes, up from $ 234.48 a year ago. Shopping online and in department stores are the two main destinations.

For college-aged children, families are expected to spend an average of $ 1,200.32, up $ 141 from last year. The expectation of total spending back to college of $ 71 billion, which would be another record, is up from $ 67.7 billion in 2020, according to the survey.

When it comes to the timing of purchases, respondents said they only made 18% of back-to-school purchases in early July.

“For those who have kids in elementary through high school, in particular, buyers are spending most of their budget on electronics, new clothing and accessories,” said Phil Rist, executive vice president of strategy at Prosper Insights, in the press release.

The two companies surveyed 7,704 consumers from July 1 to 8.

Share.

Leave A Reply