Washington – College students and their families plan to boost their spending on dorm furnishings, electronics and other necessities this year.

Back-to-college spending is expected to hit $94 billion, about $20 billion more than last year’s record, according to the annual survey released yesterday by the National Retail Federation (NRF) and Prosper Insights & Analytics.

Average spend per person on BTC is forecasted to ring in at $1,366.95, up from $1,199.43 last year. Spending this year should best the previous record of $1,200.32 in 2021.

Since 2019, back-to-college spending has nearly doubled, according to the NRF.

Spending will be up, in part, because college-bound students want fresh gear. Forty-three percent of those who are spending more than last year say it is because they need more new items, up from 32% last year. Another third (32%) attribute it to needing more big-ticket items such as a computer, phone, calculator or dorm furnishings.

More than half of the increased BTC spending will go toward covering pricier merchandise such as electronics and furnishings along with necessities such food accounts, according to the survey.

Parents of K-12 students also plan to boost their spending this year, with back-to-school sales expected to reach a new high of $41.5 billion. That’s up from $36.9 billion last year and the previous high of $37.1 billion in 2021.

For all back-to-class shoppers, the top destinations are online, department stores and discount stores.

“Even though consumers plan to spend more on school and college-related items this year, they are still looking to find the best value and deals,” Prosper EVP of strategy Phil Rist said. “Consumers are stretching their dollars by comparing prices, considering off-brand or store-brand items, and are more likely to shop at discount stores than last year.”

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