Back-to-school is the second largest seasonal shopping event, but this year it’s barely holding its own. New numbers from the National Retail Federation show a very slight dip in the expected spend. This year’s average spend for families with kids in grades K-12 is $603.63. Last year, the figure was 606.40 and that includes apparel, school supplies and electronics.
That still adds up to $22.8 billion in sales for the lower grades alone. When you add in college buying, the number climbs to $68.8 billion.
NRF President and CEO Matthew Shay says,
“Families aren’t opposed to spending on what they need, but parents want their children to take a good look around at what they already have before deciding what to buy for back to school this year.”