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In the News

Over $20B being spent on 2008 back-to-school shopping

Do you feel like you may be spending more than usual on your child’s back-to-school expenses this year? You’re not alone. According to the National Retail Federation, upwards of 20 billion dollars is the estimate for back-to-school spending in 2008.

On average, families with school-aged children will spend an estimated $594.24 on back-to-school needs; last year’s figure being marginally less, at $563.49. More specifically, $151.61 is the projected amount being spent on electronics, with the expenditures of 2007 totaling $129.24.

You may seem to have less of a cause for concern if your child is currently in college however, as back-to-school spending for college students is expected to drop by 7 percent this year. This is largely due to an increased number of students choosing to live at home versus on campus, fewer students investing in their own PCs, and less money being spent on things like dorm furnishings and clothes.

Source: Portland Business Journal