July 21, 2021 — The National Retail Federation (NRF) has shared that back-to-class shopping will reach record levels, according to an annual survey recently released by the NRF and Prosper Insights & Analytics.
“The pandemic forced parents and their school-aged children to quickly adapt to virtual learning, and they did it with an incredible amount of resolve and flexibility,” says NRF president and CEO Matthew Shay. “We enter the new school year with plans to return to the classroom and retailers are prepared to help Americans find and purchase whatever they need to make this transition as seamless as possible.”
Specifically, the NRF shares that families with children in elementary through high school plan to spend an average of $848.90 on school items ($59 more than last year). For this age group, total back-to-school spending is expected to reach a record $37.1 billion, up from $33.9 billion last year and an all-time high in the NRF survey's history.
On the collegiate front, students and their families plan to spend an average of $1,200.32 on college/university items ($141 more than last year). The NRF shares that more than half ($80) of this increase is due to increased spending and dorm furnishings. In total, back-to-school college spending is anticipated to reach a record $71 billion, up from $67.7 billion in 2020.
The survey reveals that, as of early June, 51% of K-12 and college shoppers have started shopping for back-to-class items. For those with at least half of their shopping left, 51% attribute it to not yet knowing what items are needed and 48% shared that they are still waiting for the best deals. More than 1 in 4 (43%) of back-to-class shoppers indicate that they plan to use money from government stimulus to purchase items for the school year.
Which categories are seeing the biggest increases?
“Consumers are spending more on items like electronics and clothing as they make plans for students to resume activities in person this fall,” says Phil Rist, executive vice president of strategy at Prosper Insights. “For those in particular with children in elementary to high school, shoppers are putting the largest portion of their budgets toward electronics, new clothes, and accessories.”
The survey found that families are much more comfortable with in-store shopping this year compared with last year—although online shopping does remain as a top destination for back-to-school shopping.
In particular, the most popular destinations for K-12 shopping are online (48%), department stores (48%), discount stores (44%), clothing stores (41%), office supply stores (27%), and electronics stores (27%).
For college shoppers, the top destinations are online (43%), department stores (33%), discount stores (30%), office supply stores (29%), and college bookstores (28%).
For more retail insights: nrf.com.
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NRF Forecasts Record Spending for Back-to-School Shopping
July 21, 2021 — The National Retail Federation (NRF) has shared that back-to-class shopping will reach record levels, according to an annual survey recently released by the NRF and Prosper Insights & Analytics.
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