Back-to-school spending is expected to reach a record breaking $83.6 billion this year, surpassing previous figures of $75.8 billion in 2016.
These recent projections from the National Retail Federation include spending for both college and schools – the expected rise of $7.8 billion is due to greater confidence in the state of the economy. On average, parents are anticipated to spend $238.89 on clothing, $204.33 on electronics, $130.38 on shoes, and $114.12 on school supplies.
Trends reveal back-to-school shopping searches begin as early as two months before the school year starts. What’s more, 46% of back-to-school shoppers and 44% of back-to-college shoppers will buy supplies online.
The expected rush of school supply purchases over the coming weeks is a big eye opener for retailers in this space. As demand soars, retailers must ensure they have the right measures in place to meet demand and customer expectations.
Preparation is key, but there is still time to make a difference. Here’s what you should be doing right now to streamline operations for one of the busiest times of the year.