NRF: Back-to-College Spending to Decline
July 19, 2013,
WASHINGTON-Total consumer spending on back-to-college will average $836.83, down from $907.22 last year, according to a survey conducted by Prosper Insights & Analytics for the National Retail Federation.
Total back-to-college spending will be $45.8 billion this season, the survey said. The total spend for both back-to-school and back-to-college will be $72.5 billion.
For the back-to-college crowd, spending on dormitory and apartment furnishings is expected to rise--the only category that will go up, the survey said. The 42 percent of families with students in dorms and apartments will average $104.76 in spending on bedding, microwaves and small refrigerators, up from $100.27 last year. Shoppers for college are also projected to spend an average of $65.08 on personal-care items (including electrics in this category).
"That said, we do expect those living on campus this year to do so in style," Goodfellow said. "Millennials are extremely different from previous generations when it comes to personal style and decor, and retailers are answering their call with trendy college-related products that will put a personal touch on their temporary living spaces."
Other Articles By Author
Patti Carpenter Talks Color and its Importance in the Home
HFN's DIGITAL EDITION
COVER STORY: Sharpening the Focus on Millennials
Find out what makes Millennials tick when it comes to home decorating, shopping and at-home entertaining with HFN's annual consumer study. Turns out, Millennials favor the in-store shopping experience.
ALSO IN THIS ISSUE:
- Power of the People - Crowdfunding campaigns provide needed capital, feedback for home and housewares product launches.
- Omnichannel Retailing: Visual Search Takes Off - Learn how voice and visual search are revolutionizing product discovery.