School supplies costs are increasing compared to how much consumers spent last year on back-to-school shopping. According to a National Retail Federation survey, the average amount consumers planned to spend for back-to-school supplies jumped from $82.62 last year to $96.39 this year. And for back-to-school electronics, the amount increased from $167.84 last year to $181.61 this year.
NRF, the world's largest retail trade association, says that back-to-school shopping is a big business, one that is expected to reach $55.12 billion this year.
"It's good to see consumers responding to back-to-school sales and promotions," NRF President and CEP Matthew Shay said. "Back-to-school will be the first real test for retailers and the economy as we plan for the holiday season."
As of Aug. 19, the NRF said the average family has completed nearly half of their back to school shopping, with over one-third of families having yet to start.
While locally, supply lists for most of the kindergarten through eighth grade students are available, high school students generally receive supply lists on the first day, which means having to find items in the picked-through sections in many retailers.
The NRF found consumers expect to spend an average of $606 for back-to-school needs, which includes computers for the college-aged and crayons for the kindergartner.
