College Students to Spend $12.8 Billion on Back-to-School Technology, Says NRF
Back-to-college spending is expected to reach an all-time high this year, while back-to-school spending could hit its second-highest level on record, said a National Retail Federation report Thursday. NRF cited rising consumer confidence and more young people in school as…
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factors driving a projected $83.6 billion season for U.S. school and college spending this year, a 10 percent bump over 2016. Families with children in elementary through high school plan to spend an average $687.72 each, for a total of $29.5 billion, up 8 percent from last year, but down from the $30.3 billion in the record 2012 back-to-school season, NRF said. By category, 95 percent of back-to-school shoppers with kids in elementary through high schools plan to spend a total $10.2 billion on clothing, while six in 10 shoppers will buy electronics totaling $8.8 billion, it said. Parents said they’ll spend an average $238.89 on clothing, $204.33 on electronics, $130.38 on shoes and $114.12 on school supplies, according to NRF's survey. Fifty-one percent of college consumers plan to buy electronics, for a total of $12.8 billion, it said. For the first time, the NRF back-to-school survey asked about specific electronics purchases, finding that among electronics shoppers, 45 percent said they would buy a laptop PC and 35 percent plan to buy tablets and calculators. One in four electronics buyers plans to buy accessories such as a mouse, flash drive or charger, it said.