Back-to-School Spending to Reach $83B: NRF

The National Retail Federation (Washington, D.C.) has released its projections for back-to-school season, estimating that parents of students and college students returning to school will spend roughing $82.8 billion over the season, nearly $1 billion short of last year’s spending.

NRF credits recent tax reforms and growing consumer confidence, with its President and CEO Matthew Shay stating that it will be a “very strong season.” He said that college spending is projected to be at its highest level ever, with undergraduate and graduate students estimated to spend an average of $942.17 each.

Shoppers are expected to spend the most on clothing, at $236.90. Electronics came in second at $187.10; then shoes at $138.66; and finally, supplies, at $122.13 per person. Shay commented on the decline in electronics spending, pointing out that those items are now daily commodities, and are no longer reserved for back-to-school season.