Recent Family News
Back to school spending expected to increaseWith summer vacation winding down for students everywhere, many families are gearing up for back-to-school shopping.
According to the National Retail Federation's (NRF) 2012 Back-to-School spending survey, the average family with children in grades kindergarten through 12 will spend $688.62 on clothing, electronics and other supplies for the upcoming school year, up from $603.63 last year. In total, back-to-school spending is expected to reach $30.3 billion.
"Backpacks rip, pencils break and children grow, there's no way around it, but as they begin tackling their shopping lists, parents will make sure to spend smarter than they ever have before," said NRF president and CEO Matthew Shay.
Clothing is expected to account for the largest percentage of the budget for most people, with an estimated $246.10 spent. Additionally, most will spend about $130 on shoes and $95 on school supplies.
The NRF survey also revealed that most people will be carefully allocating their back-to-school shopping money by looking for sales and comparison shopping more than ever. An estimated 14.4 percent of those surveyed said they will shop for used kids clothing at thrift and other secondhand stores in order to stretch their budget further.
Some may also take advantage of the nationwide shopping event dubbed "Back-to-School Saturday," which takes place on August 11th. Many retailers have vowed to offer special deals for those shopping that day.