Big Spenders On Their Way Back To College
According to the NRF, from a study conducted by BIGresearch, students and their parents will spend a combined average of $956.93 on
back-to-college merchandise, up from last year's $880.52, for a total of $47.3 billion gearing up for college.
Freshmen, many with gift cards and cash from graduation gifts, will spend
the most this year ($1,193.60). Sophomores, with an average of $748.29, are expected to spend the least.
NRF President and CEO Tracy Mullin, said "...colored laptops, stylish cell phones
and distinctive dorm furniture will appeal to today's students and should be big sellers in retail stores across the country."
Laptops, digital cameras, along with iPhones and other
cell phones, should be big sellers again this year, with students and their parents expected to spend a total of $12.8 billion on electronics. Spending on furnishings is expected to reach $5.43
billion, up from last year's $3.82 billion. Young adults aged 18-24 will spend the most in the dorm and apartment furnishings category, spending an average of $158.61.
Back to College Products Purchase Plans |
| % of Respondents | Expected Expenditure
2007 |
Textbooks | 83.6% | $15
billion |
School supplies (notebooks, folders, pencils, backpacks) | 83.4 | $3.14 billion |
Clothing and accessories (except shoes) | 69.2 | $7.41 billion |
Shoes | 62.0 | $2.96 billion |
Electronics and computer related | 50.3 | $12.8 billion |
Dorm or apartment furnishings | 36.5 | $5.43 billion |
Source: NRF, August 2007 |
57.2% of
students and their families will be shopping at college bookstores, while others (51.5%), will head to discounters Nearly one-third of consumers plan to shop online for back-to-college necessities
Locations For Planned Purchase Of Back to College
Products |
| (% of respondents) |
College bookstore | 57.2% |
Discount store | 51.5 |
Department store | 41.8 |
Office
supply store | 35.6 |
Clothing store | 34.3 |
Online | 30.5 |
Electronics store | 20.9 |
Thrift of resale shop | 14 |
Drug store | 13.2 |
Home furnishings store | 12.7 |
Catalog | 10.5 |
Source NRF, August 2007 |
Vice President of Strategy for BIGresearch, Phil Rist, said "For today's students, spending on
college-related merchandise is as much of a necessity as wearing a business suit for a job interview... retailers are smart to focus on a group that needs to buy because of a life stage
event."
Students living on-campus will outspend others by a wide margin as dorm dwellers are expected to spend $1,529.45 on college merchandise, nearly double what students living at home
will spend ($774.86) and also substantially more than students living off-campus ($1161.98)
- 49.7% of those polled said they would be living at home during the school year
- 28.6% will live in off-campus housing
- 18.7% will stay in a dormitory or other type of college housing
- 1.3% will live in a fraternity or sorority house
For more about the study, please visit BIGresearch here.