Friday July 16, 2010

NRF Predicts Rousing Back-To-School Sales

Washington, DC — The average U.S. household will spend $606.40 on back-to-school this summer, compared with $548.72 in 2009, according to the National Retail Federation (NRF).

It’s 2010 Consumer Intentions and Actions Back to School survey, conducted by BIGresearch, also predicts total spending for the period to reach more than $21 billion. The NRF says this is the second-largest consumer spending event for retailers behind the end-of-year holidays.

NRF President and CEO Matt Shay says: “As the second half of the year gets under way, retailers will gauge their customers’ spending appetites, which often serve as a bellwether for the all-important holiday season.”

In addition, the survey found 44.3 percent of shoppers say they intend to buy more store brand products, compared with 41.7 percent last year. Looking at channel-specific data, 71.2 percent will shop in discount stores.

More than 47 percent of consumers will begin their shopping three weeks to one month before school starts, 24 percent will start one to two weeks before school begins and three percent will wait until the week school starts or afterward to complete their back-to-school shopping.