July 29, 2008
Back-to-college season is here, but spending will drop
Stocking up for college always was a fun time for me. I loved shopping for the latest lamps, pillows and other quirky furnishings for my dorm room.
And now, you've probably started to see bright colored bean bags, bedding, cool clocks and lamps and trendy furniture on retailer’s shelves—now considered necessities for many college students as they prepare for life in the dorms or in apartments.
But according to the National Retail Federation, college students or their parents won’t be spending as much this year on clothing and furnishings. Back-to-college spending is expected to drop 7 percent this year. On average, a person will spend $599.38 this year, compared with $641.56 last year.
Total back-to-college spending is expected to reach $31.26 billion.
And college bookstores likely will feel the impact, along with clothing and other retailers, the association reports.
“College students are learning a hard lesson that when economic times are tough, fun purchases take a back seat,” said NRF President and CEO Tracy Mullin, in a news release.
Though expenditures will be down in some categories, the school supplies category should remain strong and increase, with the average student spending $68.37, up from $63.57 last year, the NRF reports.
I also thought this finding was interesting: More students may commute to school this year, rather than living on campus or in an apartment.
According to the NRF survey, 54.1 percent of college students plan to commute from their parents’ houses this year, which is up from 49.7 percent last year.
Comments
[July 29, 2008 1:39 PM]
MikeIf I had college to do over again, I would have spent my first 2 years at Tidewater Community College, about 2 miles from my house growing up. I would have saved a ton of money on tuition, plus still been able to live at home and saved even more money. I would have still finished at VT, but my college expenses would have been somewhere close to $20,000 cheaper for the same 4-year education. I suspect that a lot more people will be eyeing the CC to 4-year as a viable route to save more money. But I can beleive that college spending will be down, I haven't seen quite as many RTA bookcases or mini-fridges rolling out the doors at Lowes or Wal-Mart in the past couple of weeks as I had in years past.