For what it’s worth, the National Retail Federation says shoppers will be spending less for back-to-school items this year.
According to NRF, families with school-age children will spend an average of $634.78 on apparel, shoes, supplies and electronics, compared to $688.62 last year.
Total BTS spending last year hit $72.5 billion.
This year, the bulk of the money will be spent on apparel and accessories ($230.85), followed by shoes ($114.39) and school supplies ($90.49).
Said the NRF:
The good news is that consumers are spending, but they are doing so with cost and practicality in mind. Having splurged on their growing children’s needs last year, parents will ask their kids to reuse what they can for the upcoming school season.” said NRF President and CEO Matthew Shay. “As they continue to grapple with the impact of increased payroll taxes, Americans will look to cut corners where they can, but will buy what their kids need. It’s important to note, however, that spending levels are still well above where they were a few years ago.”