Retailers' Second-Largest Selling Season To See Modest Growth
Retailers’ second-biggest selling season is soon approaching, and industry experts foresee modest growth this year.
The National Retail Federation expects shoppers to spend $75.8B in back-to-school sales this year, an 11% increase compared to last year’s prediction of $68B. Experts project families will spend on average 7% more on kids attending kindergarten through high school, though they project a 1% decline in spending for college students, CNBC reports.
Consumer spending during this season has fluctuated, growing and contracting from 2011 to 2013—last year, for example, NRF predicted a 9% loss. "Consumers have some making up to do after taking a year off," NRF VP Ellen Davis says.