IE Business Daily Business news for the Inland Empire.
Mom and Dad will apparently scale back their back-to-school spending this year.
The average family with children in grades K-12 plans to spend $630 on clothing, electronics and other school needs this year, down from nearly $670 in 2014 according to the National Retail Federation’s Back-to-School Spending Survey for 2015.
Total spending in that sector is predicted to reach nearly $25 billion, but when college students are added to the equation, that number jumps to $68 billion, the survey stated.
Despite the slight drop, 76 percent of those families surveyed say they will change their spending this year because of the economy, down from 81percent last year.
That’s the lowest number recorded in the seven years the federation has been tracking back-to-school spending.
Ninety four percent of those questioned said they will buy new school supplies this year, while nearly 93 percent said they expect to buy their offspring new clothes to wear to class, according to the survey.
