(photo by flickr user Jimmie)
The National Retail Foundation has a gained tracked what families have planned for Back to College Spending for 2014. The total projected amount? $48.4 billion.
If you follow these numbers from year to year, that number is a significant increase from $45.8 billion dollars last year (an average budget of $916.48).
However, just because college budgets are increasing doesn’t indicate that families are happily throwing their money around. In fact, nearly 8 in 10 college shoppers said that “the economy will impact their spending in some way.” College shoppers plan to save money in many ways, including by living at home and by choosing a less expensive college. However, another growing trend continues to be shopping online. In fact, 33% of college families say they will online comparison shop in the hopes os saving some money.
How does the overall “Back to College” budget break down? The projected $916.48 college shopper budget will be divided among the following categories:
- Electronics: $275.24
- Clothing and accessories: $138.73
- Dorm and apartment furnishings (including bedding & some home appliances): $96.70
- Food items: $103.87
- Shoes: $77.60
- Gift cards: $55.56
- Personal care items: $78.08
- School supplies: $74.80
- Collegiate gear: $47.36
Not done with your shopping yet? No worries; you’re certainly not alone. While about one-third of back-to-college shoppers begin two months early, and another third begin with three or four weeks to go, more than a quarter of all college shoppers wait for the remaining final two weeks before returning to college before beginning to shop.
See the full dataset here.