Back-to-School and College Spending to Reach $75.8 Billion

Great news for retail, back-to-school and college shoppers are expected to spend $75.8 billion, up from last year’s $68 billion. College students and families plan on spending an average of $888.71, according to a survey by the Prosper Insights and Analytics. This spending is slightly down from last year’s $899.18, but we are expected to see an increase in total spending from $43.1 billion to $48.5 billion.

College simply costs more than the K-12. Students have to buy their start up items like laptops, mini-fridges, and tvs, but these are often one time costs. Parents and students alike are looking for the best deals possible resulting in an increase in early shoppers. Nearly 26 percent of college shoppers are starting to make purchases two months before school. Of those shopping early, 68 percent have said they will try to spread out their budget. Learn more about this back to school season with the National Retail Federation’s Top Trends for 2016 Back-to-School and college Shopping.

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