Record sales forecasted for back-to-school

Monday, July 17, 2017
 | 
Chris Woodward (OneNewsNow.com)

Students on laptopMany find it hard to believe that back-to-school season is just around the corner, and many consumers are prepared for their pocketbooks to take a major hit in the upcoming weeks.

This year, the National Retail Federation (NRF) estimates that total spending on back-to-school and back-to-college to reach $83.6 billion.

NRF Spokeswoman Katherine Cullen revealed that the enormous amount is approximately 10 percent more than Americans spent last year – and the estimated total actually surpasses the most recent high, which was set back in 2012.

"There are a couple of things that we see driving this," Cullen explained in an NRF press release. "One is we're seeing a big increase from back-to-college shoppers, who are spending about $970 per household, which is about $81 more than they did last year – for a total of $54.1 billion."

In addition to computers and school supplies, a great deal of this spending is going toward non-discretionary items, such as food, personal care and college-branded gear.

"What we're seeing is that consumers are likely feeling good about the economy, and they're feeling more comfortable spending on some of these fun extras," the NRF representative clarified.

Whatever the case may be for exactly where the dollars are spent, back-to-school- and back-to-college shopping is a big deal for retailers.

"It is the second largest spending occasion – after the winter holidays," Cullen pointed out. "It's a big, big time of year for both retailers and consumers who are getting ready for back-to-school."

According to NRF's survey, back-to-school shoppers plan to spend $10.2 billion on clothing (purchased by 95 percent of respondents); $8.8 billion on electronics such as computers or calculators (60 percent); $5.6 billion on shoes (93 percent) and; $4.9 billion on school supplies such as notebooks, folders, pencils, backpacks and lunchboxes (97 percent).

Parents have indicated that they will spend an average of $238.89 on clothing, $204.33 on electronics, $130.38 on shoes and $114.12 on school supplies.

While consumers plan to spend more across all categories, shoes and school supplies are seeing the highest expected increase.

Consider Supporting Us?

The staff at Onenewsnow.com strives daily to bring you news from a biblical perspective. If you benefit from this platform and want others to know about it please consider a generous gift today.

MAKE A DONATION

Comments

We moderate all reader comments, usually within 24 hours of posting (longer on weekends). Please limit your comment to 300 words or less and ensure it addresses the article - NOT another reader's comments. Comments that contain a link (URL), an inordinate number of words in ALL CAPS, rude remarks directed at other readers, or profanity/vulgarity will not be approved. More details

SIGN UP FOR OUR DAILY NEWSBRIEF

SUBSCRIBE

VOTE IN OUR POLL

Who would you prefer replace Paul Ryan as Speaker of the House?

CAST YOUR VOTE

GET PUSH NOTIFICATIONS

SUBSCRIBE

LATEST AP HEADLINES

India prescribes death penalty for rape of kids under 12
Hamas says man gunned down in Malaysia was important member
Americans told to toss romaine lettuce over E. coli fears
Dad stabbed to death as daughter sits in lap at restaurant
NKorea says it has suspended nuclear, missile testing
Israeli fire in new Gaza border protest kills 4 Palestinians
For Trump, Giuliani adds toughness, star power to legal team

LATEST FROM THE WEB

After Texas governor slams NJ's high taxes, NJ governor responds
Trump blasts 'New York Times' reporter in tweetstorm
Bush family welcomes baby 2 days after Barbara Bush's death
Trump fires back on Twitter over Democrats' lawsuit
Previously deported illegal immigrant charged with attempted murder in nail gun attack

CARTOON OF THE DAY

Cartoon of the Day

REASON & COMPANY

NEXT STORY
AFA: Stay true to the pledge

Target store signIt's "back to school" time – and a pro-family group is urging parents to be responsible about where they choose to purchase those folders, pencils, markers, and glue sticks.