Consumer Behavior

NRF expects record back-to-school spending this year

Photo by istock.com

July 20, 2021

Consumers will spend record amounts for back-to-school necessities and total spend is projected to hit a record-setting $37.1 billion — up from $33.9 billion in 2020, according to a National Retail Federation survey conducted by Prosper Insights & Analytics.

"The pandemic forced parents and their school-aged children to quickly adapt to virtual learning, and they did it with an incredible amount of resolve and flexibility," NRF President and CEO Matthew Shay said in a release on the survey findings. "We enter the new school year with plans to return to the classroom and retailers are prepared to help Americans find and purchase whatever they need to make this transition as seamless as possible."

Families with children in elementary through high school plan to spend an average of $848.90 on school items, which is $59 more than last year.

College students and families plan to spend an average of $1,200.32, an increase of $141 over last year. Over half ($80) of this increase is due to increased spending on electronics and dorm furnishings. Total back-to-college spending is expected to reach a record $71 billion, up from $67.7 billion in 2020.

"Consumers are spending more on items like electronics and clothing as they make plans for students to resume activities in person this fall," Prosper Insights Executive Vice President of Strategy Phil Rist said in the release. "For those in particular with children in elementary to high school, shoppers are putting the largest portion of their budgets toward electronics, new clothes and accessories."

The survey polled 7,704 consumers.