Back-to-School is Fast Approaching

School-Bus_4_3Excerpt taken from “Consumers Will Spend an Extra $7B on Back-to-School This Year: NRF” by Lisa Johnson.

According to the National Retail Federation (NRF), consumers are ready to open their wallets a little wider this back-to-school season.
Calling this year’s season a “stock-up” cycle – rather than a “make do” — the NRF’s annual survey estimated total spending for K-12 and college will reach $75.8 billion, up from $68 billion in 2015.
NRF said it’s findings are consistent with a pattern in which spending often increases one year as families stock up on supplies, only to drop off the next as they get another year out of such “longer-lasting” products as computers. Spending then increases in the third year as part of the replacement cycle.
Also noted in the survey, K-12 families plan on spending a total of $8.27 billion on electronics, with the average spend of $204.06. College students and their families, meanwhile, are anticipated to spend a total of $11.54 billion on electronics, with an average spend of $211.33 per family.
According to the article, shopping has already begun. Are you ready?

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