Washington – Back-to-College spending this year could come near to touching the record-breaking layout seen in 2023.
Total back-to-college spending is projected to reach $86.6 billion, the second-highest figure in the history of the annual spending intentions survey fielded by the National Retail Federation (NRF) and Prosper Insights & Analytics. Last year, total spending was forecast to hit a record $94 billion.
College students and their families are expected to shell out an average of $1,364.75 on items for the upcoming college year, in line with last year’s record of $1,366.95.
Purchases of home furnishings will come in second only to electronics, according to the forecast. The top five categories for college spending include:
- $359.49 on average for electronics ($22.8 billion total)
- $192.40 for dorm or apartment furnishings ($12.2 billion total)
- $171.06 on clothing and accessories ($10.9 billion total)
- $149.71 on food ($9.5 billion total)
- $112.60 on shoes ($7.1 billion total)
In line with recent years, the top shopping destinations for the back-to-college season are online (50%), followed by department stores (35%), discount stores (31%), and college bookstores, office supply stores and clothing stores (tied at 26%).
Collectively, 86% of consumer have squared away about half of their shopping for the Back-to-School (K-12 grades) and Back-to-College season. The top reasons consumers still have shopping to do are because they are waiting for the best deals (45%) or they don’t know what is needed yet (45%).
“Retailers have anticipated this early demand and are well-positioned to offer a variety of products at competitive prices,” said Katherine Cullen, NRF’s VP of Industry and Consumer Insights.
See also:
- Back-to-college campaign from Urban Outfitters aimed at sparking decorating excitement among Gen Z
- College goers the focus of At Home’s new Oh Joy! collection
- Pottery Barn Teen roars out of the gate with 2024 dorm collection