Back-to-College Spending to Reach $46B

Deloitte (New York) has released the results of its 2017 Back-to-College Survey, which looks at how much parents and students expect to spend this year. According to a press release, families with college students are anticipated to spend $46 billion; overall back-to-school spending for kids of all ages is expected to total $72.6 billion.

The survey found that parents plan to spend about $1347 while the students themselves expect to spend $1051. This is about the same amount as last year. Parents’ purchases will be largely influenced by the student, and both parents and students reported that they would spend more if sales tax reductions or tax holidays are offered.

The students reported that they were more budget conscious in their shopping decisions, looking to take advantage of free shipping offers and rent or buy used textbooks. However, the majority reported allocating part of their college budgets to experiential activities including socializing at restaurants and going to concerts and movies.