August is here and that means the back-to-school shopping season is in full swing ahead of most students returning to schools and colleges this September. But if you’re a student or parent of one, how much can you expect to spend in 2023 on back-to-school supplies? Thanks to a recent survey, we have some ideas.
A survey by the National Retail Federation (NRF) and Prosper Insights & Analytics released in July reveals that 2023 is expected to see the highest figures for back-to-school shopping since the survey was first conducted two decades ago. This survey looked at both back-to-school spending and back-to-college spending and found that:
- Back-to-school spending is expected to reach $41.5 billion—that’s nearly $4.5 billion more than last year.
- Back-to-college spending is expected to hit $94 billion—around $20 billion more than last year.
- The average family with K-12 children is expected to spend $890.07—about $25 more than last year and an all-time high.
- For those heading back to college, an average of $1,366.95 is expected to be spent per person. That’s up over $167 from last year and an all-time high.
As can be expected, the primary driver of the higher costs. And the most costly back-to-school supplies are electronics items, such as laptops. Spending for electronics this back-to-school season is expected to reach a new record of $15.2 billion. Of the electronics people are expected to purchase, laptops will take a 51% share, followed by tablets at 36%, and then calculators at 29%.
This year’s 2023 survey was conducted among 7,843 consumers between June 30 and July 6.
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