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Forecast: BTS spend to decrease from 2012 spending
Some on-the-ball parents may already be spending back to school cash, but new data out from the National Retail Federation warns that even with some early spending, the cap for the 2013 back to school spend will be under the 2012 numbers. Overall, back to shoppers are expected to push nearly $72 billion into the US economy.
That is a combined spend for both college and secondary students. On average, each household is expected to spend $50 less in 2013 than in 2012.
"The good news is that consumers are spending, but they are doing so with cost and practicality in mind. Having splurged on their growing children's needs last year, parents will ask their kids to reuse what they can for the upcoming school season." said NRF President and CEO Matthew Shay. "As they continue to grapple with the impact of increased payroll taxes, Americans will look to cut corners where they can, but will buy what their kids need. It's important to note, however, that spending levels are still well above where they were a few years ago."
Clothes and accessories top the shopping lists this year, with families expected to spend just over $230 on apparel, $114 on shoes and just $90 on school supplies.
On a more positive note, the NRF survey finds nearly one-quarter (23.9%) of back to school families already shopping (July 2013), which gives brands more time to engage through relevant adverting. Nearly half of families say they'll shop within 4 weeks of the first day of school.
Image via Shutterstock
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