As kids and parents get ready for the back-to-school flurry, it doesn鈥檛 appear pocketbooks will open up quite as much as last year. According to three different national surveys, parents are planning to pare back on school spending this year, although the specific amount varies somewhat. As kids lament the end of their summer vacations, parents are on the hunt for ways to save as they equip their kids for their new classroom experiences.
Spending Expectations from National Retail Federation
The predicts spending for back-to-school to be significantly more per family than it was last year. This time last year, the average family in the United States spent $688 on school supplies, clothing, shoes, and backpacks to send the kids back to school in style. This year, that number is expected to be closer to $634.
The NRF predicts overall back-to-school and off-to-college spending will total $72.5 billion. The majority of that will come from college costs, while back-to-school spending should total around $26.7 billion of that larger number. The average family sending a child to college is expected to spend around $836, as opposed to $907 that was spent last year.
鈥淭he good news is that consumers are spending, but they are doing so with cost and practicality in mind,鈥� Matthew Shay, president, and CEO of the National Retail Federation stated on the organization鈥檚 website. 鈥淗aving splurged on their growing children鈥檚 needs last year, parents will ask their kids