Back-to-School Spending on the Rise
While the heat screams “summer!” each and every sweltering day, it’s already time to start thinking about back-to-school shopping – at least, according to the National Retail Federation, which recently released its “2010 Consumer Intentions and Actions Back to School” survey, conducted by BIGresearch.
According to the NRF, the average American family will spend $606.40 on back-to-school clothes, shoes, supplies and electronics this year, compared to $548.72 last year and $594.24 in 2008. A total of $21.35 billion will be spent on school-aged children in grades K-12.
Spending on K-12 students combined with college spending will total $55.12 billion, “serving as the second biggest consumer spending event for retailers behind the winter holidays,” according to the NRF.
“As the second half of the year gets under way, retailers will gauge their customers’ spending appetites, which often serve as a bellwether for the all-important holiday season,” said Matt Shay, CEO and president of the NRF.
One clarion indication that the economy is still weighing heavily on families’ wallets is the finding that 44.3 percent of American shoppers will buy more store brand and generic products this year, compared to 41.7 percent last year.
Also, 30.3 percent of parents will comparison shop online, compared to 26.4 percent who said the same in 2009. The survey also revealed that 8.1 percent of families will factor the economy into their decision about whether their children should attend public or private schools, compared to 5.7 percent last year.
Families are slated to spend $225.47 on jeans, shirts and other types of clothing for their school-aged children. They’ll also spend an average of $181.60 on electronic or computer-related school needs, in addition to $102.93 on shoes and $96.39 on school supplies.
The vast majority, or 71.2 percent, of families will head to a discount store, while 53.9 percent will shop at department stores. Meanwhile, 49.0 percent will head to clothing stores, 23.0 percent will go to electronics stores, 41.2 percent will head to office supply stores, 19.5 percent will go to drug stores and 17.0 percent will go to thrift stores.
The NRF also found that 30.8 percent of back-to-school shoppers will shop online this year, compared to 22.2 percent last year.
“The affordability of online shopping gives parents an extra edge over the sometimes expensive back-to-school shopping season with price comparison options, free shipping offers and even coupons,” said Phil Rist, executive vice president of strategic initiatives for BIGresearch.
Teens and pre-teens are going to spend more of their own cash for their school supplies this year, but that doesn’t mean they don’t have a say in purchases that their parents make for them. More than six in ten parents say their children influence 50 percent or more of their back-to-school purchases.
According to the survey, 47.6 percent of families will start their back-to-school shopping three weeks to one month before school starts.
More than half of college students are going to live from home this year, down from 58.5 percent last year. This could have positive implications for furnishing and accents departments, Rist notes.
For college students, the Internet will be the place for shopping for 28.6 percent of respondents..
Source:
http://www.nrf.com/modules.php?name=News&op=viewlive&sp_id=966
