NEW YORK CITY – Back-to-school spending is on track to hit an all-time high this year, with families expected to shell out more than $43 billion on supplies, according to a new survey from the National Retail Federation.
Families shopping for kindergarten through 12th grade students plan to spend an average of $863.86 on supplies — about $5 more than last year, the NRF survey found.
Where the money is going
Mark Mathews, the NRF’s chief economist and executive director of research, said rising electronics and shoe prices are the biggest factors pushing totals higher.
“I think there’s definitely an expectation that prices are going to be higher for certain goods,” Mathews said.
Here’s how the average K-12 back-to-school budget breaks down, according to the NRF:
- Electronics: ~$293
- Clothing: ~$250
- Shoes: ~$174
- School supplies: ~$146
Ways to save on K-12 supplies
Mathews said the good news is that retailers are already rolling out sales and discounts — and shopping early can make a real difference.
“One thing that helps you with is to spread that spending across the entire season because these are not small sums of money that people are having to spend to get their kids back to school,” he said.
College students face even steeper costs
Families shopping for college students can expect to spend an average of $1,437.79 this year — about $111 more than last year, according to the NRF survey.
Mathews said computer prices are the main driver.
“If we look at computers, we know that chip prices are incredibly high and that’s pushing some of the cost of computers and this is a big ticket item,” he said.
To help offset costs, many top computer manufacturers offer payment plans. Some also offer student discounts between 5% and 10%.