CEO DATELINE - Association: Back to school spending to increase in 2017
CEO DATELINE - Association: Back to school spending to increase in 2017
- August 9, 2017 |
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Walt Williams
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U.S. consumers will likely spend $83.6 billion on materials for school and college this year, a significant rise from 2016, according to a National Retail Federation survey.
August is when many parents and students begin purchasing materials and goods for the upcoming school year. An NRF consumer survey forecast the average family to spend more than $687 on materials if they have children in elementary or high school. College students and their families will spend more than $969.
Total spending on back to school shopping in 2017 is forecast to increase more than 10 percent from last year's $75.8 billion, NRF said.
"Families are now in a state of mind where they feel a lot more confident about the economy," NRF CEO Matthew Shay said.
Spending on electronics, clothing and shoes will make up more than half of back to school spending in 2017, according to the association. Backpacks are also in demand, with seven out of 10 families planning to purchase new backpacks this year. http://bit.ly/2wtCgcV
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