Coronavirus: Parents may be spending more on back-to-school shopping than ever amid pandemic
(Gray News) - Retailers believe the coronavirus pandemic could bring increased back-to-school business.
The National Retail Federation believes consumers may spend record amounts to prepare students for the school year.
The organization anticipates more parents will be purchasing laptops and computer accessories as remote learning will become the norm for many students.
The NRF is forecasting nearly $34 billion in back-to-school spending in 2020 for parents with elementary to high school children, breaking the record of more than $30 billion in 2012. The 2020 projections far exceed the $26.2 billion in expected spending for 2019.
The projections also show College students are expected to spend more ahead of the fall semester.
Brick-and-mortar stores are expected to see a decline in customers, as more than half of the people surveyed said they will do their back-to-school shopping online.
The National Retail Federation’s projections aren’t the consensus among retail analysts. The Associated Press reports research firm GlobalData PLC’s retail division is projecting a 6.4% decrease in spending for elementary and high school compared to 2019. College spending could decrease by more than 37%, according to the firm’s projections.
Copyright 2020 Gray Media Group, Inc. All rights reserved.