Consumers are Expected to Spend a Record Amount This Back-to-School Season

The back-to-school season is among us, and consumers are spending more money now than ever before, especially those going to college.

Heading off to college takes a lot of work and preparation, not to mention a lot of money. According to an annual survey by the National Retail Federation, the average household plans to spend $1,367, up 40% since 2019.

Alicia Browne, Alabama University’s director of housing administration, revealed what students are bringing to college, including pillows, blankets, comforters, headboards, coffee makers, air purifiers and much more.

According to CNBC, this back-to-school wave of spending could really boost sales for retailers this fall. “This year that spending and those closer ties could especially help companies like Target, Walmart, Kohl’s and others that have said more frugal shoppers are buying fewer big-ticket or discretionary items like clothing, electronics and furniture.”

Browne said that social media could be responsible for some of the spending increases due to elaborate dorm room setups going viral. Also, in an attempt to make up for missed opportunities during the COVID-19 pandemic, parents are reportedly splurging more on their children’s back-to-school supplies.