By Staff
Friday, July 12, 2024 2:21 PM
School shopping is well underway, according to a new report from the National Retail Federation (NRF) and Prosper Insights & Analytics. The annual
Back to School survey finds that 55 percent of back-to-school and college shoppers have already begun buying items for the upcoming school year.
Despite the early start, more than 86 percent of consumers responded they still had at least half of their back-to-school purchases to complete. Approximately 45 percent of consumers said they were waiting for better deals to begin shopping, while 45 percent said they were unsure of what they needed for back-to-school supplies and had not begun yet.
Online shopping remains one of the most popular ways to stock up on school supplies, with 85 percent of consumers saying they will take advantage of Prime Day and other retailer sales in July.
Total back-to-school spending is predicted to reach nearly $39 billion, the second-highest figure on record, following last year's record-breaking $41.5 billion in back-to-school sales.
Families with students in elementary school are expected to pay an average of $874.68 on clothing, shoes, school supplies and electronics, down $15 compared with 2023.
Meanwhile, 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, according to the NRF. College students are expected to spend an average of $359 on electronics, $192 on dorm or apartment furnishings, $171 on clothing and accessories, $149 on food and $112 on shoes.
The NRF noted spending remains in line with last year, with 57 percent of consumers choosing to buy online, while 50 percent responded they will be shopping in department stores. Approximately 47 percent said they will be shopping in discount stores and 42 percent said they will be getting their back-to-school items from clothes stores.