College Freshmen to Spend $1200 Going to School According to the findings of a new National Retail Federation (NRF) survey, the average college student will spend $605.69 of their own
money on back-to-college merchandise this year. Before returning to campus, college students and their parents will pump $25.7 billion into the economy, nearly twice as much as what will be spent on
elementary through high school students ($14.8 billion).
"By recognizing a historically-neglected market, retailers have found themselves in the middle of a gold mine," said NRF President and
CEO Tracy Mullin. "When retailers can satisfy the needs of new--and potentially lifelong--consumers by offering fun, in-demand, exciting merchandise, everybody wins."
- The average
freshman, who will likely be moving away from home for the first time, plans to spend $1205.97, primarily on electronics ($759.97).
- Juniors, who may be moving off campus for the first time, plan
to spend $811.83 on average, with nearly one-third of their spending ($278.47) devoted to dorm and apartment furnishings.
- Sophomores' and seniors' spending will be significantly less ($444.66 and
$425.23 on average, respectively).
- Students in graduate or medical school plan to spend $397.44 on average, the least of any group.
In all, parents and students will spend $7.5
billion on electronics, $8.8 billion on textbooks, $3.2 billion on clothing and accessories, $2.6 billion on dorm or apartment furnishings, $2.1 billion on school supplies, and $1.5 billion on shoes.
Students and their parents will shop in many traditional back-to-college destinations for college merchandise:
- 51.9% in the college bookstore (51.9%) and
- 49.9% in discount stores
- 33.9% at a department store
- 29.1% office supply stores
When combined, the $40.5 billion that will be spent on back-to-school and back-to-college merchandise this year should
account for more than four percent of total annual GAFS (general merchandise stores, clothing and clothing accessories stores, furniture and home furnishings stores, electronics and appliances stores,
and sporting goods, hobby, book and music stores) sales, second only to the holiday season.
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