According to a survey released by the National Retail Federation and Prosper Insights and Analytics, consumers will spend record amounts for back-to-school and back-to-college shopping this year.
As of early July, 55% of consumers who are buying for back-to-class time said they had already started shopping, consistent with 2022 behavior but up from 44% in 2019. The result is in line with a consumer trend to shop earlier for major spending events, NRF noted. Still, as of early July, 85% of back-to-school shoppers said they still have at least half of their purchasing left to make.
Families with children in elementary through high school plan to spend an average of $890.07 on back-to-school items this year, the survey determined, about $25 more than last year’s record of $864.35. In merchandise terms, 69% of back-to-school shoppers expect to purchase electronics or other computer-related accessories this year, up from 65% in 2022, and the highest in the survey’s history. Total spending on electronics should reach a record $15.2 billion, the survey forecast. By segment, consumers plan to purchase laptops, at 51%, tablets at 36%, and calculators, at 29%.
College students and their families plan to spend an average of $1,366.95 per person, the survey demonstrated, up from $1,199.43 last year and more than the previous record total of $1,200.32 in 2021. Since 2019, NRF asserted, back-to-college spending has almost doubled.
Among those surveyed who are set to spend more this year than last, 43% said it is because they need more new items, up from 32% in the year past, while another 32% attribute it to needing more big-ticket items such as a computer, phone, calculator or dorm furnishings. Spending on big-ticket items such as electronics and furnishings as well as such necessities as food accounts for more than half of the increase in total 2023 back-to-college spending.
For back-to-class shoppers in general, the top shopping destinations are online, department stores and discount stores, the survey related.
“Back-to-class shopping is one of the most important consumer shopping occasions of the year,” NRF President and CEO Matthew Shay said in announcing the survey results. “Our research for 2023 shows American consumers are eager to jumpstart their back-to-school and college purchases early. Retailers have been preparing for months to ensure they are well stocked with essential items that families and students need for the school year.”
Prosper executive vp of strategy Phil Rist added, “Even though consumers plan to spend more on school and college-related items this year, they are still looking to find the best value and deals. Consumers are stretching their dollars by comparing prices, considering off-brand or store-brand items, and are more likely to shop at discount stores than last year.”
