How much will families spend on back-to-school items in 2024?
Summer is still in full swing but students have already begun preparing for the new school year. Families have started shopping for school supplies.
Inflation rates have gone down, but high prices continue to plague consumers. This has been the experience of families who have begun to shop for the new school year.
According to a survey released by the National Retail Federation (NRF), more than half of shoppers preparing for the new academic year already started buying school supplies in early July.
Although families have begun their back-to-school-shopping, they have not yet completed their purchases because do not know what the students will need yet for the coming school year.
READ ALSO: Harris’ stance on student loan forgiveness
READ ALSO: Number of unemployed workers has grown by over 1 million since last summer
How much will families spend on back-to-school items in 2024?
The expected budget for this year is a little lower than in 2023, although it is still the second-biggest amount recorded since the NRF began doing the survey.
Those with children at the elementary and high school levels have allotted an average budget of $874.68 to be spent on clothes, shoes, school supplies and electronics, down from $890.07 last year.
For these educational levels, total spending is likely to reach almost $39 billion. Approximately one third ($13.7 billion) of this amount will go towards electronics. Clothing and accessories will rack up $11.2 billion in total, shoes will cost $7.6 billion total, while $6.3 billion will be spent on school supplies.
Meanwhile, families with college students have a projected average budget of $1,364.75 for school-related purchases, little changed from last year’s $1,366.95.
Total spending for college students is expected to hit $86.6 billion, down from last year’s record level of $94 billion. 38% of this amount ($22.8 billion) will be spent on electronics. Furnishings for dorms and apartments will rack up $12.2 billion in total, while clothing and shoes are expected to come out to $18 billion total.