2015 Back-to-School and College Sales Forecast
Back-to-school shopping is the second highest spending event in the U.S. behind the winter holidays. The National Retail Federation's (NRF) back-to-school and college surveys by Prosper Insights and Analytics reveal that most families plan to replenish their children's supplies that are needed. Back-to-School and College spending is expected to reach $68 billion nationwide. While overall spending has decreased this year, spending has grown 42% in the past ten years.
Many Missouri parents may start shopping the weekend of August 7th through August 9th, 2015 to take advantage of the state’s annual sales tax holiday on many types of back-to-school clothing, computers and supplies.
The Midwest total combined spending forecast for 2015 back-to-school purchases was lower this year at $509.36 per family than the national combined average at $630.36. The types of back-to-school items Midwest parents expect to spend the most on are clothing and accessories ($182.21), electronics ($139.31), shoes ($106.43), followed by school supplies ($81.41).
According to the survey, almost two-thirds of Midwest parents planned to start back-to-school and college shopping at least three weeks early to spread out spending across a greater time period.
Almost one-third of smartphone and tablet users will use their mobile devices to check prices and discounts on back-to-school and college items.
Average college spending nationwide is forecasted be $899.18 in 2015 per family. College students plan to make use of last year's items and to save by shopping for Store Brand or Generic items and also by comparison shopping online. Some plan to share or borrow textbooks.
Midwest families expect to spend $788.57 on college back-to-school items, outlaying the most money on electronics and computers (29%), followed by clothing (15%), food (14%), apartment furnishings (13%), personal care (9%), school supplies (5%), shoes (7%), gift cards (4%) and collegiate branded gear or supplies (4%).
Sources: National Retail Federation, Prosper Insights & Analytics Survey