As children head back into another school year, schools prepare to open their doors again and parents prepare to open their wallets. According to the National Retail Federation (NRF) as reported by Forbes, average back-to-school spending per household is set to reach $674 this year, with $204.06 of that budget going to electronics, $235.39 spent on clothing and accessories, $126.55 on shoes and $107.76 on supplies. Over the past decade, total back-to-school spending has grown 55 percent and the NRF predicts it will top $27 billion this year.
Predictions indicate that this year, discount stores will attract the most shoppers (60.5 percent), followed by department stores (59.6 percent) and clothing stores (51.0 percent). Interestingly, online shopping is going to be in less demand than those old-school retailers, with 46 percent of consumers planning to use them this year. Parents are set to spend the majority of their budget on clothing, accessories and electronics. Imports of school and office supplies offer a glimpse of the sheer scale of back-to-school demand every year. Take rubber erasers for example. Annually, the U.S. imports a whopping $17.8 million of them, $10.3 million of which comes from China.