Record back-to-school spending predicted

U.S. consumers are expected to spend a record amount on back-to-school and back-to-college this year, according to a forecast.

Back-to-school spending is expected to reach $41.5 billion in 2023, up from $36.9 billion last year and the most ever spent if the prediction holds true, according to the National Retail Federation in Washington, D.C.

The previous record for back-to-school spending was $37.1 billion in 2021.

Back-to-college spending is expected to hit $94 billion this year, about $20 billion more than last year’s record, according to the federation.

“Back-to-class shopping is one of the most important consumer shopping occasions of the year,” said Matthew Shay, the federation’s president and chief executive officer, in the statement. “Our research shows American consumers are eager to jumpstart their back-to-school and college purchases early.”

The federation has been tracking back-to-school and back-to-college spending since 2003. This year’s research involved more than 7,800 consumers and was conducted from June 30 through July 6. It’s margin of error is plus or minus 1.1 percent.

Prosper Insight & Analytics in Worthington, Ohio, gathered the data used in the survey.