The average household is expected to spend $890 on back-to-school shopping before K-12 classes are back in session this fall, the National Retail Federation says, a majority of which will be spent on electronics, clothes and shoes for a total of $41.5 billion spent before students walk through the door.
Parents doing back-to-school shopping for young children are more worried about inflation, housing costs and credit ratings than the average American and have reported broader cost-cutting measures in discretionary areas like dining out, travel and hobbies, the federation's spending surveyThat frugal mindset is going to cause more parents to shop online, shop piecemeal for sales, buy generic products as opposed to brand names and shop with coupons or circulars, according to the group.
Shopping for college students is even more expensive—Gen Z students returning to school are expected to go all-in on a normal, post-pandemic experience and spare no expense along the way; total spending is expected to outpace last year by $20.1 billion, with electronics, general school supplies, personal care items and food the top places money is going.