Retail: Back to College Spending Expected to Be Weak

[mandy]

While results from this year's back-to-school survey were surprisingly strong, spending on college merchandise will wane this year, according to NRF's Back-to-College Consumer Intentions and Actions Survey, conducted by BIGresearch. Back-to-College spending, which has helped buoy retail sales for the past five years, will drop seven percent this year, from an average of $641.56 per person last year to $599.38 in 2008.* With total back-to-college spending expected to reach $31.26 billion, 2008 back-to-college and back-to-school spending combined will total $51.4 billion.

“College students are learning a hard lesson that when economic times are tough, fun purchases take a back seat,” said NRF President and CEO Tracy Mullin. “While students will still be buying school supplies, they will scale back spending on clothing, electronics and dorm furnishings.”...

full NRF press release: http://www.nrf.com/modules.php?name=News&op=viewlive&sp_id=552