According to a recent survey, this year is expected to bring record-breaking purchases of school and college essentials, according to a recent survey. Spending on school supplies is expected to hit a remarkable $41.5 billion, a significant rise from last year’s $36.9 billion. College-related spending is also predicted to surge to $94 billion, a $20 billion increase from the 2022 record.
Retailers have been preparing for months to ensure enough stock of necessary items for the upcoming academic year. The 2023 research indicates that American consumers are eager to begin shopping early for their school and college purchases.
Shopping for the new academic year is underway. As of early July, over half (55%) of consumers reported that they had already started. Despite the early start, 85% of consumers reported in early July that they still had completed just half of their shopping.
Families with children in elementary through high school plan to spend an average of $890.07 on school supplies this year, approximately $25 more than the previous year’s record. This rise in expected spending is primarily due to an increased demand for electronics. College students and their families are expected to spend an average of $1,366.95 per person, up from $1,199.43 the previous year.
Despite the anticipated increase in spending, consumers are still seeking the best value and deals. They are comparing prices, considering off-brand or store-brand items, and are more likely to shop at discount stores than the previous year.
