Jul 27, 2016 08:08 AM EDT
Back To School 2016: Americans Expected To Spend Billions On Supplies
Back-to-school shopping for 2016 will see a rise in spending for Americans. It was discovered that while consumers are still looking out for bargains, there are lesser concerns about the economy than in years past.
According to Fox Business, there are expectations that Americans will be spending $75.8 billion on back-to-school supplies for this year. This figure is $7.8 billion more than last year as per the National Retail Federation's (NRF) annual survey data.
"Families are still looking for bargains, but there are signs that they are less worried about the economy than in the past," NRF president and CEO Matthew Shay said. "Heading into the second half of the year, we are optimistic that overall economic growth and consumer spending will continue to improve as they did in the first two quarters of the year."
The NRF survey collected data from 6,800 consumers about their back-to-school shopping plans. It was revealed that families with children in levels K-12 are expected to spend 9.6 percent more in 2016 than last year. It will be $673.57 on average per family for accessories, electronics, shoes and school supplies.
Clothing tops the list of back-to-school expense at an average of $235.39. Next comes electronics at $204.06 and shoes at $126.35. Lastly, school supplies come fourth at $107.76.
On the other hand, college students are expected to have an average expense of $888.71 per family. "Whether it's laptops for class or mini-fridges for the dorm, college simply costs more than [primary and secondary school]," Shay added.
Electronics nabs the first spot on the top four categories for college spending. Apparel/accessories, dorm furnishings and food take the other three spots.
Meanwhile, TIME shared five stores where families can save on back-to-school supplies. In these stores, items cost below $1 - even going as low as 1¢. This week, Office Depot/OfficeMax, Rite Aid, Staples Target and Walgreens have promotional prices for items such as highlighters, pens, crayons, index cards, folders and notebooks.
Join the Conversation