The US back-to-school shopping season finished on a positive note as retailers’ aggressive promotions and state sales tax holidays helped lure families into the stores last month.
According to the National Retail Federation, August retail industry sales rose 0.5% seasonally adjusted over July and increased 3.0% unadjusted over last year.
NRF’s 2010 Back to School survey, released in July, found the average family planned to spend $606.40 on apparel, shoes, electronics and supplies for children in grades K-12, while average spending on college students was expected to reach $616.13.
Back-to-school spending was forecast to hit $55.12bn this year, far surpassing 2009 levels.
“Most Americans are in a much better financial position than a year ago, but they are still spending cautiously, looking for bargains and comparing prices before buying,” said NRF president and CEO Matthew Shay.
“After leveraging aggressive promotions to bring in back-to-school shoppers, retailers are putting the finishing touches on promotions and pricing for the upcoming holiday season.”
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