July 17, 2014
Driven by increased demand for electronic items and parent’s need to restock their children’s school supplies from last year, families this summer will spend slightly more on back-to-school items than last year. According to NRF’s 2014 Back-to-School Survey, the average family with children in grades K-12 will spend $669.28 on apparel, shoes, supplies and electronics, up 5 percent from $634.78 last year. Total spending on back to school will drop slightly to $26.5 billion as the survey found there are slightly fewer students in households this summer.
Combined spending for back to school and college is expected to reach $74.9 billion.
“Slow improvements in the economy may have contributed to the growth in confidence among back-to-school shoppers, and while we are encouraged by the overall tone of the results and expect to see continued improvement in consumer spending through the year, we know Americans are still grappling with their purchase decisions every day,” said NRF President and CEO Matthew Shay. “Throughout the history of this survey, spending has fluctuated based on family needs each year, and this summer, we expect parents to continue to use caution, but also make smart decisions for their family budget that is a good balance between what their children ‘want’ and what they actually need.”
NRF this year broke out spending by grade, and according to the survey, families with high school students will spend the most. The survey found the average family shopping for high school students will spend $682.99, while spending on middle school/junior high comes in a close second at $682.13. Parents with elementary school-age children will spend an average of $580.94.
Source: National Retail Federation
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