As the back-to-school season draws near, retail stores are buzzing with shoppers eager to stash up on school supplies and new housing accessories. Total back-to-school and back-to-college spending combined will reach $72.5 billion this year, according to a new report released by the National Retail Federation (NRF).
Although the economic conditions have visibly improved in recent years, the experience of the recession has caused a significant shift in consumers’ attitudes towards new acquisitions. People have become more financially savvy and show caution with their spending plans. NRF’s 2013 Back-to-College Survey conducted by Prosper Insights & Analytics shows that college students will trim their budgets this year, much like families with children in grades K-12. Millennials are expected to spend an average $836.83 on apparel, electronics, dorm furnishings and more, down from $907.22 last year. Total spending for back-to-college is expected to reach $45.8 billion.
Though spending expectations decrease for almost every category of back-to-school expenditures, apartment furnishings is one area that stylish students are not willing to sacrifice. Whether living at home, in dorm rooms or off-campus apartments, two in five (42.0%) families will spend an average $104.76 on new bedding, small refrigerators and microwaves, up from $100.27 last year.
The largest share of college expenses will go toward electronics ($203.28), followed by clothing and accessories ($122.70), shoes ($65.60), gift cards ($65.12), personal care items ($65.08), school supplies ($62.92) and collegiate gear ($42.94).
“Multiple factors go into a family’s decision on where their child will live during college, and it is likely the economy has something to do with parents wanting to keep their costs down and forgo the traditionally expensive room-and-board route,” said Prosper Consumer Insights Director, Pam Goodfellow. “That said, we do expect those living on campus this year to do so in style. Millennials are extremely different from previous generations when it comes to personal style and décor, and retailers are answering their call with trendy college-related products that will put a personal touch on their temporary living spaces.”
One thing parents and college-aged students should not leave out of their shopping cart this fall is rental insurance. What better way to keep all of those precious items protected?!
Acquiring renters insurance from Resident Shield will give you peace of mind knowing that your belongings are covered and will be replaced should anything happen.
Much like homeowner’s insurance, renters insurance policies offer protection in case of fire, injury, robbery as well as natural disasters like windstorms or lightning.
