Back-to-school spending to reach $27.8 billion with electronics rising 29%: Deloitte

Forget pencils and notebooks. Deloitte data shows there will be a 29% increase in spending on electronics and gadgets this back-to-school season, reaching $800 million.

Total back-to-school spending is expected to reach $27.8 billion, Deloitte said Wednesday, just below last year’s forecast for $28.0 billion. The data is based on shopping for children in kindergarten through grade 12. Deloitte polled 1,200 parents who have at least one child in school.

Clothing and accessories will account for 54% of spending, followed by school supplies at 22%, gadgets at 13%, and computers and hardware at 11%.

Households are forecast to spend an average of $519.

Read: Taylor Swift, Will Smith among the celebs joining Amazon for a Prime Day push into new categories

“For the first time, people are telling us they’re just as likely to use a smartphone to make purchases as a laptop or desktop, which previously held the lead when it was time to click the ‘buy’ button,” said Rod Sides, Deloitte’s U.S. retail, wholesale and distribution leader. The shift to mobile during the back-to-school season continues a holiday season shopping trend.

The Deloitte data also found that price is the most important factor for shoppers, with discounts and competitive prices the top two considerations.

Therefore, it makes sense that Amazon.com Inc.’s AMZN, +1.46%   Prime Day event would become the kickoff to the back-to-school shopping season.

More than half of consumers (52%) will put off making a purchase in anticipation of Prime Day deals, according to the latest data from PwC.

See: What NOT to buy on Amazon Prime Day

More than 60% of the 1,000 consumers surveyed said they signed up for Prime membership for the Prime Day discounts. Fifty-six percent say they’ll be looking for electronics, with 67% of men saying that electronics deals are most

Read More Here...

Bookmark the permalink.