While for most of us it seems like summer has just begun, and school is likely the last thing on most kids’ minds, there are loads of parents already thinking about the new school year to come, and they’re ready to open their wallets big time.
According to a new back-to-school survey, moms and dads with children in grads K to 12 will be shelling out about $27.8 billion on back-to-school items this year, which averages to about $519 per child for things like clothing, supplies, computers and electronics.
As for where all that money’s going, clothing and accessories account for about 54% of back-to-school shopping, followed by school supplies (22%), electronic gadgets (13%) and computers and hardware (11%). But the largest amount of money spent will go to electronics and gadgets, with 22% of consumers intending to spend about $305 per person on them, to the tune of $800 million.
And while a lot of us are still basking in summer break, 60% of respondents say they’ll begin their back-to-school shopping in late July and early August, translating to $17.3 billion in sales. Those who wait tend to spend more though, with those putting it off until the last weeks likely to shell out, on average $889 a student, or $370 more than the average parent.
- ONE MORE THING! As for parents of college students, the survey finds they’ll spend $25.1 billion, or approximately $1,362 per student.