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Back-to-school: Over 1 in 3 shoppers say summer spending is now over

Mark your calendars for back-to-school tax-free shopping days in these states
Posted at 2:54 PM, Jul 25, 2022
and last updated 2022-07-25 15:59:53-04

Well, that was a beautiful summer...

As July comes to an end, about 38 percent of shoppers said they are cutting costs in preparation for the second-largest spending holiday: the back-to-school shopping season.

In a new report published by The National Retail Federation, families with kids in elementary through high school can expect to pay about $168 more on average when compared to 2019.

Their total tab anticipated... is expected to hit around $834 for school items, clothes and other yearly necessities.

In total spending overall, the nation's back-to-school spending is expected to hit $74 billion, shattering last year's record by roughly $3 billion, respectively.

Meanwhile, college students and their families are expected to see a $223 increase as both electronics and furniture are now reporting higher costs.

What might be grimmer for some parents to hear though... is that about 56 percent of families surveyed said that they have already started their shopping.

However, about two-thirds of families surveyed reported that they've already been met with higher prices.

As it stands, the same number of families said that they're waiting for the yearly "back-to-school deals" before completing their lists.

This new study involved 7,830 consumers who were surveyed from June 30 to July 7.

Prosper Insights & Analytics is also credited with this report.

This report has a margin of error of plus or minus 1.1 percentage points.