Back-to-School Spending Expected to Rise this Year

Tuesday, August 15th, 2023 -- 1:00 PM

(By Corrinne Hess, Wisconsin Public Radio) Back-to-school spending for K-12 students is expected to total $41.5 billion this year, up from a previous high of $31.1 billion in 2021, according to a recent survey by the National Retail Federation and Prosper Insights & Analytics.

According to Corrinne Hess with Wisconsin Public Radio, demand for electronics is what’s driving up spending, the survey found, with spending in that category expected to be about $15 billion. Over the past year, inflation in the United States has dropped from 9 percent to 3 percent, easing price pressures.

But overall prices have not returned to pre-pandemic levels. In June, core prices were up 4.1 percent from a year earlier, according to the Federal Reserve. Families with children in elementary, middle and high schools are expected to spend an average of $890 on back-to-school items this year.

College students and their families are expected to spend $1,367. The retail federation survey found 43 percent of people who are spending more this year said they need new items, while another 32 percent of people said they need to buy big-ticket items such as a computer, phone, calculator or dorm furniture.

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