Back-to-School Spending 2024: While rates of inflation have decreased, customers are still confronted with exorbitant pricing. This is what families who have started their school year shopping have experienced.
A National Retail Federation (NRF) poll indicates that over half of consumers getting ready for the upcoming school year began purchasing school supplies in early July.
Families have started their back-to-school shopping, but they haven’t finished since they don’t yet know what the kids will need for the upcoming academic year.
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Back-to-School Spending 2024: How much will families spend on supplies?
Which state provide tax-free holidays in time for back to school shopping?
Read more: https://t.co/6oFWYpLU5o pic.twitter.com/BsA181T6am— Forbes (@Forbes) July 29, 2024
Although it is not as large as it was in 2023, the anticipated budget for this year is still the second-highest since the NRF started conducting the poll.
The average budget allocated by parents of elementary and high school-aged children is $874.68, which is less than the $890.07 budget from the previous year for clothing, shoes, school supplies, and electronics.
The entire amount spent on these educational levels is probably going to be close to $39 billion. Of this sum, around one-third ($13.7 billion) will be used for gadgets. The overall cost of shoes will be $7.6 billion, school supplies will cost $6.3 billion, and clothing and accessories will total $11.2 billion.
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In contrast, families with college kids are expected to spend an average of $1,364.75 on school-related expenses, which is not much different from the $1,366.95 spent the previous year.
Total spending on higher education is expected to reach $86.6 billion this year, down from last year’s record $94 billion. Of this amount, $22.8 billion (38%) will be spent on electronics. Spending on furnishings for apartments and dorms is projected to be $12.2 billion, while apparel and shoes are anticipated to cost $18 billion.
