Back-to-school and back-to-college spending are expected to reach near-record levels again this summer, according to results from an annual survey by the National Retail Federation (NRF).
Spending for kindergarten through grade 12 is projected to reach $38.8 billion nationwide, while spending for college students is expected to reach $86.6 billion — the second highest totals in the 22-year history of the NRF’s surveys.
According to this year’s survey, K-12 shoppers are budgeting an average of $309.35 for electronics, $253.29 for clothing and accessories, $170.43 for shoes, and $141.62 for school supplies; while college shoppers are budgeting an average of $359.49 for electronics, $192.40 for dorm or apartment furnishings, $171.06 for clothing and accessories, $149.71 for food, and $112.60 for shoes.
“As the summer vacation season starts to wind down, many Kentucky families are turning their attention to back-to-school shopping,” said Tod Griffin, president of the Kentucky Retail Federation.
“Retailers across the Commonwealth are working hard to provide customers with a wide array of products they need to prepare for a successful upcoming academic year. Whether Kentuckians are visiting stores in-person or shopping online, local retail businesses are ready to make their back-to- school shopping experience convenient and cost-effective.”
Significantly more than half of K-12 consumers planned to utilize online shopping (57%), followed by department stores (50%), discount stores (47%), clothing stores (42%), and electronics stores (23%). Back-to-college shoppers favored online shopping (50%), followed by department stores (35%), discount stores (31%), college bookstores (26%), office supply stores (26%), and clothing stores (26%).
Although consumer spending estimates remain high, shoppers indicated they are still looking to find the best value and deals. The NRF found that 85% of shoppers are planning their back-to-school shopping around sales events.
“While inflation is thankfully showing signs of easing, it has undoubtedly resulted in increased back-to-school spending in recent years,” added Griffin. “Kentucky retailers know that many families’ budgets are stretched thin, and they are working every day to provide customers with the wide selection they want along with the value they need.”
The 2024 NRF survey found that families with kids in kindergarten through grade 12 plan to spend an average of nearly $875 on back-to-school shopping, while college students and their families expect to spend upwards of $1,360 per student.
“More than half of customers surveyed noted that they have already gotten a head start on their back-to-school shopping lists,” Griffin said. “Similar to any busy shopping season, we encourage Kentuckians to shop early in order to avoid any potential supply chain issues or last-minute trips.”
Kentucky Retail Federation