Families to spend $76B on back to school

In Laura Heller’s article regarding consumer spending, she speaks on some recent research results that have led to the belief that this year families will spend a much greater amount of money on back to school supplies than ever before. She claims that this trend is seen arriving due to a shift in thought among parents from just supplying what their child needs to know wanting to stock up for the future.

Key Takeaways:

• Back-to-school spending is expected to jump significantly to $75.8 billion, up from $68 billion last year, according to the National Retail Federation.
• The increase is largely due to families entering a “stock up” cycle compared to the “make do” mentality of the recent past, noted the NRF’s annual survey by Prosper Insights and Analytics.
• Families with kids in grades K-12 will plan to spend 9.6 percent more than last year. Slightly more will be shopping sales and comparing prices online, but the number who say they will be spending less overall dropped to 23 percent from 27 percent last year.

“Back-to-school spending is expected to jump significantly to $75.8 billion, up from $68 billion last year, according to the National Retail Federation.”

http://www.fierceretail.com/story/families-spend-76b-back-school/2016-07-21?utm_medium=rss&utm_source=rss&utm_campaign=rss