Back-to-school spending could hit a record $100 billion this year. Here’s why
Shopping for school supplies could be especially expensive for families and students this year.
An annual survey conducted by the National Retail Federation and Prosper Insights & Analytics found back-to-school spending could hit a record $100 billion between K-12 families and college students as people plan to spend more on supplies during a time of uncertainty spurred by the coronavirus pandemic.
Parents of elementary through high school students plan to spend an average of $789.49 on back-to-school shopping this year, the survey found, a jump from the previous record of $696.70 set last year.
Spending among K-12 families is expected to total a record $33.9 billion, up from $26.2 billion last year.
Families with college students expect to spend an average $1,059.20 on supplies this year, the survey found. That’s up from the record $976.78 last year. Spending among these students and families is expected to total a record $67.7 billion, up from $54.5 billion last year.
Between K-12 and college students, spending is projected to hit $101.6 billion — surpassing $80.7 billion last year and exceeding $100 billion for the first time.
The survey included 7,481 consumers and was conducted July 1-8, retail trade association NRF said in a release Wednesday. Results have a margin of error of plus or minus 1.1 percentage points.
Of those surveyed, 55% said they expect at least some classes to take place at home this fall and, of those, 72% said they think they need to buy items to accommodate remote learning — Including computers or other technology, furniture and other supplies.
Thirty-six percent expect to buy laptops while 22 percent expect to buy speakers or headphones, 21 percent expect to buy computer accessories and 17 percent plan to buy printers, the survey found. Also, 17 percent plan to buy other items such as calculators, desks or chairs and workbooks.
Parents and students still face a lot of uncertainty as the upcoming academic year nears in the middle of a public health crisis. Many schools are still deciding if and how they will reopen safely, leaving many families waiting for answers.
Additionally, reopening schools has been a topic of much debate. Some have pushed for them to reopen while others are concerned if doing so is safe.
“Most parents don’t know whether their children will be sitting in a classroom or in front of a computer in the dining room, or a combination of the two,” NRF President and CEO Matthew Shay said in the release. “But they do know the value of an education and are navigating uncertainty and unknowns so that students are prepared.”
Those surveyed had only finished about 17% of their shopping when they responded. Of those with most of their shopping left to do, 54% said they still don’t know what they need.
The way people shop for supplies is also expected to look different this year, the survey found.
A vast majority, 88%, of those surveyed, reported that the pandemic will affect their back-to-school shopping in some way this year — with 43 percent planning to do more online shopping and 30 percent saying they will comparison shop more.
The projected increased spending also comes at a time of economic crisis.
Unemployment numbers have surged in the United States during the pandemic — hitting levels unprecedented in recent decades. In April the unemployment rate reached 14.7% before dipping to 13.3% in May and 11.1% in June, according to the U.S. Bureau of Labor Statistics. Another 1.3 million Americans filed for unemployment last week, per the Labor Department.
“By any measure, this is an unprecedented year with great uncertainty, including how students will get their education this fall whether they are in kindergarten or college,” Shay said in the release.
