Back-to-school retail spending slips after record high

Key stat: Following an all-time high of $41 billion in 2023, US K-12 back-to-school retail spending will drop to $39 billion this year, according to July 2024 data from the National Retail Federation (NRF) and Prosper Insights & Analytics.

Beyond the chart:

• Higher-education spending follows a similar pattern. After a record $94 billion in 2023, back-to-college spending for 2024 is projected to hit its second biggest year, with $87 billion, the NRF reports.
• The dip in back-to-school spending is likely due to last year’s high investments in electronics, which are not typically purchased every year, per the NRF.
• Students aren’t the only ones who get new gear. Half of parents (50%) plan to get themselves something while they’re out picking up school supplies, according to Deloitte.
• Back to school means back to stores. Our forecast shows that the majority of US BTS shopping (65.1%) will be in-store. Parents like the immediate availability of products (48%), discounts and sales (41%), and a better shopping experience (33%), per a report from LG Ad Solutions.

Use this chart:

• Highlight the overall growth trend in back-to-school retail spending.
• Compare YoY spending growth.
• Emphasize the importance of seasonal marketing.

More like this:

• 5 key stats on back-to-school 2024 for retailers: Location, timing, and pricing
• Back-to-school sales will rise 3.2% this year
• Retailers look to sales, refreshed brands, value to drive back-to-school sales
• 3 data-backed tips for back-to-school sales success

Methodology: Data is from the July 2024 National Retail Federation (NRF) "2024 Back-to-School Spending Survey" conducted by Prosper Insights & Analytics as cited in press release. 7,533 US internet users ages 18+ were surveyed online during July 1-8, 2024. Data has a margin of error of +/-1.1 percentage points.