Parents could spend more than $100 billion on back-to-school items this year due to COVID-19

Parents could spend more than $100 billion on back-to-school items this year due to COVID-19
The survey of 7,481 consumers was conducted July 1-8 (Source: WTVM)

(KFVS) - The National Retail Federation said parents could spend more than $100 billion on back-to-school items this year.

As you might have guessed, coronavirus is driving that increase in spending. That’s because parents and students could be spending more on expensive electronics and accessories as classes move partially or completely online.

Parents with children in elementary school through high school said they plan to spend an average $789.49 per family, topping the previous record of $696.70 they said they would spend in 2019.

Spending is expected to total $33.9 billion, up from $26.2 billion last year and breaking the record of $30.3 billion set in 2012.

According to the survey, college students and their families expect to spend an average $1,059.20 per family, which would top 2019′s record of $976.78.

College spending is expected to total $67.7 billion, up from $54.5 billion in 2019 and breaking the record of $55.3 billion set in 2018.

The majority of consumers, about 88 percent, said the coronavirus will affect their back-to-school shopping in some form this year, with 43 percent planning to shop more online, although that could include the websites, of brick-and-mortar retailers. About 30 percent said they will do more comparison shopping.

The survey of 7,481 consumers was conducted July 1-8 and has a margin of error of plus or minus 1.1 percentage points.

Copyright 2020 KFVS. All rights reserved.