Back-To-School Spending Expected to Be Lower this Year
Monday, August 12th, 2013 -- 8:39 AM
-It's that time of year again, back-to-school season, and for retailers, that's no small thing.According to the National Retail Federation, back-to-school shopping accounts for 11% of consumer spending each year, making it a distant second only to the winter holiday season, which accounts for 76% of spending.
The federation's survey shows that back-to-school spending is expected to reach $26.7 billion this year. Add in $45.8billion in projected back-to-college spending, and the combined total reaches $72.5 billion.
Those are big numbers, but due to several factors, they represent a slight decrease in back-to-school spending this year compared with last year's strong uptick. Families with school-age children are expected to spend around $634.78 on such things as apparel, shoes, supplies and electronics in 2013, down from $688.62 during the season last year.
According to a preliminary tally of 10 retailers by another retail group, the International Council of Shopping Centers, revenue at stores open at least a year rose 3.8% in July, after a 5.5% gain in June. Experts say factors including higher gasoline costs, along with the ongoing effect of the increased payroll taxes that took effect at the start of the year, contributed to July's weaker gains.
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