Family spending on back-to-school items is expected to set a record this year, the National Retail Federation reports.
Its annual survey showed average family spending will be $696.70 for families with children in elementary school through high school. That would top the previous record of $688.72 set in 2012.
Families with college students are expected to spend an average of $976.78, which would top the previous record of $969.88 set in 2017. Because fewer families said they had children in grades K-12 this year, total back-to-school spending is expected to dip from $27.5 billion last year to $26.2 billion this year, NRF reported.