With summer coming to a close, students will begin arriving at schools across the country in just a few short weeks.  This brings new hopes to the hurting retail industry who is hoping strong back-to-school numbers could bring Christmas a little early this year and with one-fifth of parents holding a portion of their stimulus checks for back-to-school packages, they could be right. This could be a huge jump for many retail establishments who have seen a decline in sales as gas prices continue to rise. 

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According to the recent NRF Back to School Consumer Intentions and Actions Survey, families with school aged children are expected to increase to $595. That is up over 5 percent to $625 or the equivalent of a cool new book bag.

The main reason for this jump is credited to household electronic spending like computers and cell phones.  Otherwise, the majority of categories such as clothing, shoes, and school supplies will see only small to moderate changes in spending habits.

The retail industry hoping that students wanting the advertised “must-have items

will continue to influence their parent’s purchasing decisions. Over half of parents admit that children influence at least 50 percent of back-to-school purchases.  National Retail Federation president says, “Strong promotions and must-have brands will help retailers stand out in the crowd as shoppers look for the best bang for their buck on back to school purchases this year.”

Don’t be deceived by the fact consumers plan on spending more money this year over last year.  With the gas prices pinching everyone’s pocket, parents are looking for deals and searching longer for good bargains.  “This year’s back-to-school shopper is a bargain hunter at the core. Though parents want to make sure kids are fully prepared for school, they will be comparing prices online and in stores before making any big purchases.”

Online shopping will be one way to avoid extra gas costs. A quarter of those shopping for back-to-school spending almost $4 billion online.

Parents are relying on discount stores for the majority of their purchases this year (73.0%).  Other big winners include department stores (56.6%), clothing stores (47.8%), electronic stores (21.4%) and office supply stores (41.8%).

Back-to-School spending continues to be one of retailer’s busiest times of the year.  In order to see strong results, retailers are going to have to start early with their deals to attract bargain hunting parents ready to spend their big bucks.