As summer begins to wind down, millions of American families ready their children for the upcoming school year. For parents, it can elicit an array of emotions. Some may shed a few tears as their children hop aboard the local school bus. Others, however, may rejoice and break into song, shouting the words to George Michael’s hit song “Freedom!”. To each their own.
Mark M. Grywacheski
But the back-to-school season also carries substantial economic weight. It is one of the retail industry’s largest shopping events. The annual shopping extravaganza encompasses both back-to-school spending (for kids in grades K-12) as well as back-to-college spending. It is second only to the November-December holiday shopping season which totaled a massive $964.4 billion in sales in 2023.
This season, 34% of all U.S. adults are expected to stock up on clothing, supplies and other essentials for the upcoming school and college year. But concern over a cloudy economic outlook has many Americans tightening up their pocketbooks. This year, the National Retail Federation (NRF) expects U.S. consumers to spend $38.8 billion on back-to-school shopping for their K-12 children. This is down 6.5% from last year’s total of $41.5 billion. Likewise, back-to-college spending is expected to reach $86.6 billion, down 7.9% from last year.
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According to the NRF, on average, each family is expected to spend $874.68 on back-to-school items for their K-12 children. Among their top purchases, shoppers will spend an average $309.35 on electronics, $253.29 for clothing & accessories, $141.62 for school supplies and $170.43 for shoes.
College students and their families are expected to spend even more ($1,364.75) for the upcoming school year. On average, back-to-college shoppers will spend $359.49 on electronics, $192.40 on dorm or apartment furnishings, $171.06 on clothing & accessories and $112.60 on shoes. Surprisingly, funding for “beer” wasn’t included in the NRF’s back-to-college spending analysis.
One of the main trends this season is consumers getting an early start for their back-to-school shopping needs. According to the NRF, more than 55% of back-to-school shoppers started their shopping in early July. 25% say they started shopping in early June. Among those early shoppers, 65% state it helps them spread out their back-to-school spending.
Shopping early also allows budget-conscious consumers to seek out the best deals. 85% of back-to-school shoppers took advantage of Prime Day, the national two-day shopping blitz that offers consumers significant online discounts and promotions. This year’s Prime Day was held on July 16-17. According to Adobe Analytics, U.S. retailers reported a record-high $14.2 billion in online sales during these 48 hours, up 11.8% from last year. The strong pace of sales was led by school-related items. Adobe Analytics reports spending on backpacks, lunchboxes, stationery and other supplies increased 216% compared to last year’s Prime Day event. Likewise, spending on kid’s apparel rose 165%.
If you haven’t started your back-to-school shopping yet, there are still many sales and discounts to be had. But try and stick to your budget. Remember, the November-December holiday shopping season is right around the corner.
The cutest back-to-school supplies in 2024
1. Four Candies Mechanical Pencil Set
This pastel mechanical pencil set contains three 0.5mm pencils, three 0.7mm pencils, three tubes of lead refills for each type, three big erasers, and nine cap eraser refills for just $10. The included carrying case will help students keep track of their supplies.
Buy it here: Four Candies Mechanical Pencil Set, $10
2. Paper Junkie School Folders
These pretty three-hole-punched school folders are made from quality heavyweight cardstock. Two pockets ensure your student’s homework remains safely inside. Reviewers loved how sturdy and colorful these folders are.
Buy it here: Paper Junkie School Folders, $9
3. Avery Three-Ring Binder
This three-ring binder with one-inch round rings from Avery comes in three trendy patterns. The tear-resistant cover is as durable as it is adorable.
Buy it here: Avery Three-Ring Binder, $6
4. Chapman & Grand Kitty Cat Tape Dispenser
This cute cat tape dispenser will cheer up your student’s desk. The dispenser fits one-inch core tape rolls and has anti-skid pads on the bottom to reduce sliding.
Buy it here: Chapman & Grand Kitty Cat Tape Dispenser, $22
5. Niutop Sticky Note Set
This pastel sticky note set contains 60 ruled, 48 dotted, 48 blank, and 48 orange and pink, sticky notes. It also comes with 150 bright index tabs, and 402 tab divider sticky notes to help students stay organized.
Buy it here: Niutop Sticky Note Set, $6
6. Simona Speech Bubble Sticky Notes
These speech-bubble-shaped sticky notes are a cute way for your students to leave reminders for parents or notes for themselves. Each pack contains eight colors and 600 sticky notes.
Buy it here: Simona Speech Bubble Sticky Notes, $7
7. Mr. Pen Animal Erasers
Everyone makes mistakes. These animal-shaped pencil erasers from Mr. Pen are the cutest way to correct them.
Buy it here: Mr. Pen Animal Erasers, 60 Count, $10
8. Henoyso Cat Paw Pencil Sharpener
These adorable cat paw pencil sharpeners come in a pack of four so your student will have a spare on hand throughout the school year. The sharpeners have a comfortable silicone coating to prevent slipping.
Buy it here: Henoyso Cat Paw Pencil Sharpener, $10
9. Bella Drew Publishing Composition Notebook
This 90s-inspired composition notebook is sure to make students smile every time they take notes in class. The notebook has 100 wide-rule pages and a soft matte cover.
Buy it here: Bella Drew Publishing Composition Notebook, $7
10. MBVBN Colorful Octopus Highlighters
This pack contains five colorful octopus-shaped highlighters and a sixth octopus cap. The highlighters dry quickly so they don’t bleed through the paper.
Buy it here: MBVBN Colorful Octopus Highlighters, $8
Mark Grywacheski is an expert in financial markets and economic analysis and is an investment adviser with Quad-Cities Investment Group, Davenport.
Disclaimer: Opinions expressed herein are subject to change without notice. Any prices or quotations contained herein are indicative only and do not constitute an offer to buy or sell any securities at any given price. Information has been obtained from sources considered reliable, but we do not guarantee that the material presented is accurate or that it provides a complete description of the securities, markets or developments mentioned. Quad-Cities Investment Group LLC is a registered investment adviser with the U.S. Securities Exchange Commission.
