As families prepare for in-person instruction at schools across the nation, back-to-school spending is predicted to hit all-time highs. Sales will surpass pre-pandemic levels and reach a record-breaking $108 million.
Total spending for school-age children, excluding college students, will rise to $37.1 billion this fall. This surpasses back-to-school retail sales in 2020, when families had to rush to set up at-home workstations for their kids. This year, families with school-aged children are expected to spend $848.90 for supplies this season.
Back-to-school spending for the college sector will potential reach $71 billion, an increase from $67.7 billion spent in 2020. College students are projected to spend $1,200.32 on supplies, which is $141 more than last year.
More than 50% of families have already started preparing for the back-to-school season. With the apparent demand in retail, shopping early is a smart move for many Americans. The back-to-school season is seen as an essential time for retailers, possibly even surpassing the importance of the bustling holiday season.
Source: BTS Spending – Fox Business
Photo Credit: BTS Spending – Fox Business
