Customers Spending Less, but Still Spending
Last year’s back-to-school spending reached a historically high level, but this year’s spending may be significantly less if recent predictions are correct. According to National Retail Federation’s 2013 Back-To-School Survey, conducted by Prosper Insights & Analytics, spending by families of school-age children will be down from last year’s average of $688.62 to $634.78 this year.
Last year’s splurging, thought to stem from a pent-up demand caused by economic uncertainties, will not repeat itself this year. With many school supplies from last year that will still work for their children this year, families will be spending less–with cost and practicality in mind—but they will still be spending. Total back-to-school and back-to-college spending combined is expected to reach $72.5 billion this year.
New apparel and accessories are expected to top the list of purchases, but for the children in K-12 grades, parents will purchase fewer electronics, and will spend less on those that they do purchase.
Some things remain nearly the same. Teens will still heavily influence parents’ purchasing decisions. Electronics will top back-to-college spending, but furnishings for dorms will be important purchases for style-savvy Millennials. The economy is still a factor which continues to influence buying, but parents will buy what is truly needed, cutting corners on the less essential items.
As a retailer, you know the importance of inventory control. Running out of popular items during peak buying seasons can reduce your profits considerably. Keep your inventory under control with NCR’s Counterpoint POS Software. You’ll improve your sales, and keep those customers coming back again and again.
If you would like more information about Counterpoint, call us at 425-672-4806 or email us. We’ll be glad to answer any questions you may have.