"It's hard to believe, but your munchkin is all grown up and heading off to college in a few short weeks. That means there's lots of packing to do. If your child's list is long, she's not alone: Consumers planned to spend an eye-popping $55 billion on back-to-college gear in 2018, according to market research firm Mintel."
Tag: college spending
College students and their families will spend an average $907.22 on back-to-college needs, according to the NRF. Home furnishing stores, attractive to college students looking to invest in small appliances, bed and bath sets, will see a jump in traffic this year — 16.4% of back-to-college shoppers will head to a home furnishings or home décor store, up from 11.2% in 2011. Total spending for back-to-college is expected to reach $53.5 billion.
According to new research from Alloy Media + Marketing, a historic number of students will go to college this Fall, carrying with them an unprecedented and immense $306 billion in projected spending power — up 13% since 2009's estimates. And, while overall non-discretionary expenses are on the rise, it's this consumer group's discretionary spend that is particularly revealing. Showing a projected 10% increase since last year, the 18–34 year old college set continues to display a penchant for what they deem "must haves", with annual discretionary spending figures rising to an estimated $69 billion, representing a substantial hike from 2009. "From sheer population growth, compounded with notable spending hikes in key discretionary categories, college students' ever-increasing consumer power is undeniable. The annual College Explorer Study definitively reiterates the importance this group holds for brands aiming to gain long term loyalty, and should serve as the marketer's essential guide to navigating the modern campus and its inhabitants' unique behaviors."
New research finds that even with the uncertainties the economy continues to present, college-bound students and their families are prepared to shell out a little extra this year.