The National Retail Federation (NFR) recently published its annual back-to-school consumer spending survey, which was conducted by Prosper Insights & Analytics. The survey is conducted each year to determine when, where and how American families will shop for school and college supplies.
Highlights of the survey include the following:
- Household spending is projected to increase nearly 7% in 2016, to $674 per household
- Total spending in 2016 is expected to reach $75.8 billion
- Discount stores and department stores will have the most back-to-school shoppers
- Online sales are expected to see the largest increase over 2015, with a nearly 30% increase year-over-year
- 80% of shoppers will take advantage of free shipping
- 35% of household spending will be on clothing and accessories
- 30% of household spending will be on electronics
- Shoppers in 2016 are expected to get an early jump on their shopping, with 73% of shoppers planning to shop a month or two before school starts
- Back-to-school shopping is the second-biggest consumer spending season, only behind the winter holiday season
For more information, or to view the full results of the survey, visit the NRF's website.