Families Prioritize Back-to-School and College Spending Amidst Rising Inflation
National Retail Federation | July 14, 2022Brief Overview:
WASHINGTON – As inflation continues to rise, one-third of consumers (38%) said they are cutting back in other spending areas to cover the cost of items for the upcoming school year, according to the annual survey released today by the National Retail Federation and Prosper Insights & Analytics. Families expect to spend more per person on both K-12 and college items this year as a result of higher prices.
“Families consider back-to-school and college items as an essential category, and they are taking whatever steps they can, including cutting back on discretionary spending, shopping sales and buying store- or off-brand items, in order to purchase what they need for the upcoming school year,” NRF President and CEO Matthew Shay said. “The back-to-school season is among the most significant shopping events for consumers and retailers alike, second only to the winter holiday season.”
Total back-to-school spending is expected to match 2021’s record high of $37 billion. Families with children in elementary through high school plan to spend an average of $864 on school items, approximately $15 more than last year. Back-to-school spending has increased dramatically since the onset of the pandemic, as families adjusted to changes from virtual and hybrid learning. Compared to 2019, back-to-school shoppers are expected to spend $168 more on average, and total spending is up $11 billion.
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