How Much the Average Family Will Spend On School Supplies

Parents plan to spend less on school supplies this year

Parent aren’t looking to spend as much this year onback to school school supplies.

According to a survey done by the National Retail Federation, families with children that will be attending school this fall, only plan to spend an average of $634.78. This is down from last year’s $688.62, and puts the estimated total amount spent this year at $26.7 billion.

“The good news is that consumers are spending, but they are doing so with cost and practicality in mind,” Matthew Shay, NRF President and CEO, said in a statement. “It’s important to note, however, that spending levels are still well above where they were a few years ago.”

College students and their parents are trimming down this year as well. Families are expected to spend on average $836.83 for college supplies this year. Last year families preparing for college spent an average of $907.22. This year’s total spending on college supplies is estimated at $45.8 billion, reports National Retailers Association.

Walmart (WMT) is preparing for the decline by offering low prices all through the back-to-school buying period, as compared to some retailers that use a strategy of raising and lowering prices during back-to-school shopping periods. The company will offer over 250 items all priced below $1 in an effort to attract shoppers.

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