US: Back-to-school spending set for increase
Families in the US will spend slightly more on back-to-school items this year, including apparel and footwear, according to a new survey.
The increase is fuelled by increased spending on electronic items and the need to restock school supplies from last year, says the National Retail Federation’s 2014 Back-to-School Survey, conducted by Prosper Insights & Analytics.
The average family with children in grades K-12 is set to spend US$669.28 on apparel, shoes, supplies and electronics, up 5% on 2013, but total spending is down slightly thanks to a fall in the number of students.
Meanwhile, combined spending for back to school and college is expected to reach $74.9bn, said the NRF.
Back-to-school shoppers will spend an average of $231.30 on clothes, up from $230.85 last year, said the survey, and $124.46 on footwear, up from $114.39.
Some 53.8% of shoppers will visit a clothing store, up from 51.5% and a survey high, the NRF added.
“Slow improvements in the economy may have contributed to the growth in confidence among back-to-school shoppers, and while we are encouraged by the overall tone of the results and expect to see continued improvement in consumer spending throughout the year, we know Americans are still grappling with their purchase decisions every day,” said Matthew Shay, NRF president and CEO.
Parents and college students, meanwhile, are expected to spend 13% more on apparel this year – $138.73 versus $122.70 in 2013.
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