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Posted by: thepinetree on 08/20/2019 12:34 PM Updated by: thepinetree on 08/20/2019 12:34 PM
Expires: 01/01/2024 12:00 AM
:

Survey Details Record Back-to-School Spending for 2019 ~ From Brian J. Tewksbury

Murphys, CA...The National Retail Federation (NRF) and Proper Insights & Analytics recently released a survey detailing back-to-school spending for the 2019 school year. The survey looks at how American families plan to shop for clothing, supplies, and other items for the school year. Record spending expected for 2019. As students prepare to go back to school and college, families are spending more than ever on school supplies. "Consumers are in a strong position given the nation's growing economy, and we see this reflected in what they say they will spend on back-to-class items this year," NRF president and CEO Matthew Shay said.




According to the NRF, families with children in elementary school through high school plan to spend an average of $696.70, up from $684.79 last year and topping the previous record of $688.62 set in 2012. Families with college students are expected to spend even more — an average of $976.78, which is up from $942.17 last year and exceeds the previous record of $969.88 set in 2017.

The survey also revealed that total combined spending for K-12 and college is projected to reach $80.7 billion. This figure is down from last year's $82.8 billion, but is attributed to the decreased number of households surveyed with children in K-12 or attending college.

Spending trends
Clothing and accessories are expected to top K-12 families' expenses at an average of $239.82, followed by electronics such as computers, calculators, and phones ($203.44); and shoes ($135.96) and supplies such as notebooks, pencils, backpacks, and lunch boxes ($117.49). K-12 families plan to do most of their shopping at department stores (53%), discount stores (50%), online (49%), clothing stores (45%), and office supply stores (31%).

College shoppers plan to spend the most on electronics ($234.69), followed by clothing and accessories ($148.54), dorm and apartment furnishings ($120.19), and food items ($98.72). They plan to do most of their shopping online (45%), followed by department stores (39%), discount stores (36%), college bookstores (32%), and office supply stores (29%).

The survey shows that among K-12 shoppers, teens are expected to spend an average of $36.71 of their own money, up from $30.88 ten years ago. Pre-teens plan on spending $26.40, up from $11.94 ten years ago. According to Shay, "Members of Generation Z are clearly becoming more involved with back-to-school purchasing decisions rather than leaving the choices up to mom and dad."

IMPORTANT DISCLOSURES
Broadridge Investor Communication Solutions, Inc. does not provide investment, tax, or legal advice. The information presented here is not specific to any individual's personal circumstances.

To the extent that this material concerns tax matters, it is not intended or written to be used, and cannot be used, by a taxpayer for the purpose of avoiding penalties that may be imposed by law. Each taxpayer should seek independent advice from a tax professional based on his or her individual circumstances.

These materials are provided for general information and educational purposes based upon publicly available information from sources believed to be reliable—we cannot assure the accuracy or completeness of these materials. The information in these materials may change at any time and without notice.
Prepared by Broadridge Advisor Solutions Copyright 2019.


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