The National Retail Federation announced on July 13th that back to college spending is to reach an all-time high this year, while back to school spending is expected to see its second-highest spending level on record. Altogether, sales are expected to total $83.6 billion. This number is up more than 10 percent from last year’s total back to school and back to college spending, which reached $75.8 billion.
NRF president Matthew Shay says this growth is a result of a stronger economy, confident consumers, and an advancing industry. “Our industry is in the midst of major transformation, driven by technology, social media, and ultimately driven by consumers.”