Another Record for Back-to-School Spending for 2023
Kids might not want to hear it, but back-to-school shopping is in full swing, typically starting in early July, right after the July 4th holiday. The NRF has conducted a BTS survey with Prosper Analytics for almost 20 years. According to this year’s report, consumers are expected to spend record amounts for both back-to-school and back-to-college shopping this year, with spending expected to reach an unparalleled $41.5 billion, up from $36.9 billion last year and the previous high of $37.1 billion in 2021.
Deloitte’s 2023 back-to-school survey results were significantly different, though. Deloitte predicts spending for K-12 students will decrease by 10% to $597 per student. According to that survey, the overall BTS market is expected to decrease to $31.2 billion; spending on clothing is down 14% year-over-year and technology is down 13% in favor of school supplies (up 20% year-over-year).
Conversely, the NRF says families with children in elementary through high school plan to spend an average of $890.07 on BTS items this year, approximately $25 more than last year’s record of $864.35 and a new high.
Tech Tops the List
This increase in expected spending is primarily driven by more demand for electronics, as 69% of BTS shoppers plan to buy electronics or other computer-related accessories this year, up from 65% last year and the highest in the survey’s history.
The NRF expects total spending on electronics to reach a record $15.2 billion. As in past years, the top electronics consumers plan to purchase are laptops (51%), tablets (36%) and calculators (29%).
Retailers have made it easier for shoppers to find those values. According to Payments.com, Walmart, Amazon and JC Penney have all pushed frugality this BTS season. Walmart’s promotion declares, “Shop this year’s school supplies at last year’s prices.”
Deloitte found that shoppers generally prioritize retailers with competitive pricing, favoring mass merchants (80%), online retailers (60%), off-price retailers and dollar stores (both at 33%).
For all back-to-class shoppers, the top destinations are online, department stores and discount stores.
But the NRF is seeing more focus on discount retailers this season. It reports that BTS shoppers heading to discount stores are up about 45%.
Back-to-school also brings its share of licensed products. And with shoes, clothing and accessories being top BTS categories, it’s no surprise to see products popping in those categories. New back-to-school launches include a Forever 21 x Reebok collection and a Justice x Powerpuff Girls’
fashion collab.