(photo by flickr user Jimmie)
The National Retail Foundation has agained tracked what families have planned for Back to College Spending for 2013. The total projected amount? $45.8 billion dollars.
If you follow these numbers from year to year, that number is 8.55% lower than last year’s overall retail number of $53.5 billion (an average budget of $907.22). The National Retail Foundation suggests that this decline shows caution about budgets, with 76.5% of college shoppers saying “the economy will impact their spending in some way.” College shoppers plan to save money by buying generic or store brand products (32%), shopping sales more often (37.5%), and, for many, by living at home (a projected 47.7% in 2013 vs 42.9% in 2012).
How does the overall “Back to College” budget break down? The projected $836.83 college shopper budget will be divided among the following categories:
- Electronics: $203.28 (24.3% of budget)
- Clothing and accessories: $122.70 (14.7%)
- Dorm and apartment furnishings (including bedding & some home appliances): $104.76 (12.5%)
- Food items: $104.44 (12.5%)
- Shoes: $65.60 (7.8%)
- Gift cards $65.12 (7.8%)
- Personal care items $65.08 (7.8%)
- School supplies $62.92 (7.5%)
- Collegiate gear $42.94 (5.1%)
The National Retail Foundation also released this “Back to College” infographic, detailing what they found to be the three most interesting findings of their 2013 survey. Take a look at these findings below:
(graphic from NRF’s Retail’s BIG Blog)