Slower Spending Growth Expected for Back-to-School Shopping Season; Tech to Top College Spend
Coresight Research projects 2-2.5 percent growth for 2019 back-to-school shopping, a “significant slowdown” from the 4.4 percent growth a year ago, said the market researcher Monday. Consumers are interested in “good deals,” and they plan to do most shopping in…
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department stores followed by discount stores, it said. Apparel is the biggest shopping category for students through high school; electronics for college students, it said. Coresight didn’t respond to questions. The National Retail Federation’s July 15 report forecast a dip in total back-to-school spending but a higher average spend per family. NRF predicted an increase in average spending from $684.79 in 2018 for elementary through high school students to $696.70 this year. Fewer families surveyed had children in grades K-12, NRF said, bringing down total expected spending to $26.2 billion from $27.5 billion last year. Families with college students are expected to spend an average $976.78, up from last year’s $942.17; fewer survey respondents had kids attending college, bringing total spending projections to $54.5 billion, down from last year’s record $55.3 billion, NRF said. College shoppers plan to spend the most on electronics, an average $234.69, it said.