According to the National Retail Federation, families with children in elementary through high school will spend a record $890 per household - up $25 from last year.
“And you can’t go wrong with some of the kids. We’re getting toys or gadgets and stuff for back to school. You need clothes, shoes, undergarments, hygiene products,” Ray said. “Okay. I mean, you know, it’s like moving into a house with nothing in it.”“First, we start online shopping, figure out what the fashion is for the season,” Ray said. “Then if we can find some cute things in the stores, then we will grab those as we go. Then we move on to the school supplies.
The items on top of shoppers’ lists are electronics at #1 with $15.2 billion to be spent on laptops, tablets and calculators. Clothes are next at $12 billion. With US credit card debt reaching more than a trillion dollars this year, according to a CNET Money survey, 43% of back-to-school shoppers will have to finance their purchases.Ted Rossman, senior analyst for BankRate says parents can turn it into a teaching moment.
“I know kids are saying, gimme, gimme, gimme. And it’s hard to stay on track,” Rossman said. “But that actually brings up another idea, which is involve your kids in the process in an age-appropriate way. I mean, especially for teens and tweens, but even for younger kids. Talk about the budget, you know, maybe help them sort through the choices. And this is really essential.
Some parents must make a choice between spending big on back-to-school or on Christmas, which will be here before parents know it.
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