There’s a lot of speculation surrounding school openings for the upcoming fall season due to the current pandemic. Because of this, back-to-school spending is predicted to reach an all-time high. With these uncertainties, families are unsure of what exactly their children will need — whether they’re returning to the classroom or learning from their homes.
According to an annual survey by the National Retail Federation, parents of students in elementary through high school will spend about $100 more than they did last year. Spending for back-to-school this year is expected to reach $33.9 billion for households without college students, with money allotted for back-to-college around $67.7 billion. This brings total back-to-school spending for this year to soar over $100 billion, for the first time ever.
Families are gearing up for their children to devote time split between a school setting and online. If a hybrid approach is mandated, this will certainly require parents to splurge extra this year. Many families will then need to make sure they have up-to-date technology to meet online-based learning demands, as well as new school supplies and clothing.
“Most parents don’t know whether their children will be sitting in a classroom or in front of a computer in the dining room. But they do know the value of an education,” said Matt Shay, NRF Chief Executive Officer.
The possibility of returning to school is still up on the air, and it may be a decision that is determined by local guidelines and regulations. However, one thing is for sure – back-to-school shopping is going to return, at even higher levels than before. With the recent rise in May and June retail sales, brick-and-mortar retailers should remain optimistic for the upcoming shopping season.
Source: NRF Back-to-School Insights 2020, BTS Spending Record – CNBC
Photo Credit: Bigstock
