In the upcoming days, the back-to-school (BTS) shopping frenzy will take centre stage in the US. Despite any lingering concerns about inflation, this period is expected to witness a surge in BTS apparel sales.
According to Matt Shay, the President and CEO of the National Retail Federation, research conducted by the association reveals that US consumers are enthusiastic about commencing their back-to-school and college shopping well in advance.
Projections indicate that spending is expected to reach an all-time high of US $ 41.5 billion, surpassing last year’s US $ 36.9 billion and the previous record of US $ 37.1 billion set in 2021. Additionally, the NRF forecasts back-to-college spending to hit US $ 94 billion, marking an increase of approximately US $ 20 billion compared to last year’s record.
Every year, the National Retail Federation (NRF) collaborates with Prosper Insights & Analytics to conduct its annual survey. According to Phil Rist, the Executive Vice President of Strategy at Prosper, even though record-breaking spending is expected, shoppers remain keen on finding attractive deals and discounts.
Rist points out that consumers are being resourceful with their spending habits by diligently comparing prices, contemplating off-brand or store-brand products, and showing a greater inclination to shop at discount stores compared to the previous year.
According to the 2023 Lifestyle Monitor™ Survey by Cotton Incorporated, an overwhelming majority of shoppers, approximately 89 per cent, have intentions to buy back-to-school clothes. Additionally, nearly 79 per cent of respondents plan to purchase shoes during this period.
