Before college students return to campus this fall, many are on a buying spree, updating their tech and furnishing new dorm rooms and apartments.
Back-to-college spending is expected to average $1,366.95 per student this year, $200 higher than last year’s spending, according to a survey by the National Retail Federation.
“Total spending on back-to-college is expected to reach $94 billion. This is about $20 billion more than we saw last year,” said Katherine Cullen, vice president of the National Retail Federation.
Similar to past years, the top electronics that college students are buying are laptops, tablets and calculators. The retail survey also showed that college students are spending on new phones, furnishings and necessities like food accounts.
“We’re hearing from college students and their families that they’re spending more because they need more new items this year,” Cullen said.
As was the case last year, the survey showed that most of the spending is done online but consumers are also looking elsewhere for deals.
“As consumers look for ways to stretch their budgets, we’re seeing more back-to-college and school shoppers heading to discount stores than they did last year,” Cullen said.
