NRF: Back-to-School Spending to Edge Up
July 17, 2014,
WASHINGTON-Fueled by purchases for back-to-college, American families are expected to spend slightly more on back-to-school products during this year's season, according to the National Retail Federation's 2014 Back-to-School Survey, conducted by Prosper Insights & Analytics.
The survey found that the average college student and his/her family will spend $916.48 on dorm furniture, school supplies, electronics and other products, up 10 percent from last year. Total back-to-college spending will come to $48.4 billion, up 5.7 percent from last year. Back-to-school spending as a whole is expected to reach $74.9 billion, an increase of 3.3 percent from last year's season.
Matthew Shay, NRF's president and CEO, said that "today, college students and their parents contribute a significant amount to the economy. Retailers, hoping to get a head start on this extremely competitive shopping season, will attract these millennials with promotions through Instagram and other social channels, as well as through content that speaks to these tech-savvy, fashion-forward students."