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-Editorial
As of early July, more than half (55%) of back-to-school and college shoppers have already started preparing for the upcoming academic year, according to a recent survey by the National Retail Federation (NRF) and Prosper Insights & Analytics.
Katherine Cullen, NRF Vice President of Industry and Consumer Insights, emphasized the significance of this period: “The back-to-school and college season is a critical time for both retailers and consumers. Families and students are eager to get a head start on their shopping, and retailers have responded with a range of products at competitive prices.”
Despite the early shopping surge, 86% of consumers still have at least half of their purchases to complete. The primary reasons for this delay include waiting for the best deals (45%) and uncertainty about what is needed (45%).
With summer sales events like Circle Week, Deal Days, and Black Friday in July underway, 85% of back-to-school shoppers plan to leverage these opportunities for deals on essential school supplies. Families with children in K-12 are expected to spend an average of $874.68 on clothing, shoes, school supplies, and electronics, marking a slight decrease from last year’s $890.07 but the second-highest amount on record. Total spending for K-12 back-to-school is projected to reach $38.8 billion, the second-highest figure ever recorded.
Phil Rist, Executive Vice President of Strategy at Prosper, noted, “Last year’s record spending was largely driven by significant investments in electronics. This year, we see a slight decrease in electronics purchases, likely due to the longevity of these items.”
On average, K-12 shoppers will allocate $309.35 for electronics, $253.29 for clothing, $141.62 for school supplies, and $170.43 for shoes. Popular shopping destinations include online stores (57%), department stores (50%), discount stores (47%), clothing stores (42%), and electronics stores (23%).
For college students and their families, the average spending is projected to be $1,364.75, similar to last year’s record of $1,366.95. Total spending for back-to-college items is expected to reach $86.6 billion, making it the second-highest amount recorded. College spending is focused on electronics ($359.49), dorm furnishings ($192.40), clothing ($171.06), food ($149.71), and shoes ($112.60). Top shopping destinations for college students include online stores (50%), department stores (35%), discount stores (31%), and college bookstores (26%).
The survey, conducted from July 1-8 with a sample of 7,533 consumers, provides valuable insights into back-to-school shopping trends. NRF continues to track consumer behavior and spending patterns, offering essential data for understanding retail industry dynamics.
Additionally, July retail sales data highlights growth in several categories. Online sales, health and personal care stores, and clothing stores all saw year-over-year increases. Notable trends include an 18.45% rise in online sales and a 9.68% increase in health and personal care stores. Conversely, electronics and appliance stores experienced a decline, with a 1.97% decrease year-over-year.
