Consumers Plan to Spend $8.8 Billion on Electronics for Back-to-School
The perfect storm is brewing, in the National Retail Federation’s eyes, for a massive uptick in back-to-school spending this year. According to its annual survey on the topic, conducted by Prosper Insights and Analytics, consumer spending on back-to-school and back-to-college spending will be at or near an all-time high. Total spending is expected to reach $83.7 billion in 2017, a more than 10 percent increase over the $75.8 billion spent last year.
NRF credits a rise in consumer confidence, increased wages, and an improved employment outlook for the rise.
“Families are now in a state of mind where they feel a lot more confident about the economy,” NRF President and CEO Matthew Shay said in a statement. “With stronger employment levels and a continued increase in wages, consumers are spending more and we are optimistic that they will continue to do so throughout the rest of the year. As students head back to the classroom, retailers are prepared to meet their needs whether it’s for pencils and paper, shirts and pants or laptops and tablets.”