Back-to-school spending expected to increase this year
LAS VEGAS (FOX5) -
It's back-to-school time and retailers expect parents will allow themselves to increase the amount of money they spend on supplies for students this year.
A NRF survey shows families nationwide will spend an average of $689 each on clothing, backpacks and other supplies for students in grades K-12. That represents a 14 percent increase from last year, when the average was just over $600. The NRF is banking on Nevada following the national trend.
"Parents want to make sure their kids have everything they need to start the new school year and are willing to spend more than ever on school-related necessities," said Mary Lau, president of the Retail Association of Nevada. "However, the economy remains a concern in most households, which will have an impact on the way families shop. Bargain-hunting will remain important to budget-conscious consumers."
The NRF uses Nielson Marketplace information to calculate consumer Nevada consumer information. According to Nielson there are about 1 million households in Nevada, and 34 percent of those have one or more K-12 age children. Based on this information, consumer back-to-school spending could reach $245 million this year, beating last year's number by 15 percent.
As for college-bound students, the NRF estimates families will spend an average of $907 on new clothes, dorm or apartment furniture and other college supplies. Compared to last year's estimate of $809, college spending is expected to increase 12.2 percent.
Assuming Nevada follows national trends, total college spending will reach $134 million, up from $120 million in 2011.
According to the NRF the Internet continues to grow as a preferred shopping "destination" for back-to-school items. Approximately 39.6 percent of consumers will be using the Internet to shop for needed supplies, nearly double the 2007 estimate. Discount stores are expected to be the most popular shopping destination, with 67.1 percent of consumers planning to shop there. Department stores followed with 59.9 percent.
Copyright 2012 KVVU (KVVU Broadcasting Corporation). All rights reserved.
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