Back to School Spend Means Good News for Economy

Updated:   2012-08-17T12:50:00

According to the results of the PriceGrabber® 2012 Back-to-School Shopping Forecast survey, 63 percent of consumers plan to spend up to $500 this back-to-school shopping season (compared to 48 percent in 2011). Twenty percent of respondents plan to spend between $500 and $1,000 and 17 percent of shoppers said they don't have a back-to-school shopping budget this year.

In June, PriceGrabber released its initial back-to-school survey results indicating nearly half (46 percent) of consumers are planning to spend more this back-to-school shopping season than in 2011. Conducted from May 22 to June 5, 2012, the survey includes responses from 4,450 U.S. online shopping consumers, with 1,509 of the respondents planning to shop this back-to-school season.

Although tech product purchases are on the rise, consumers are once again putting basic school clothing and supplies at the top of their back-to-school shopping lists. When asked to select all of the items they plan to purchase this back-to-school shopping season, 83 percent selected general school supplies such as notebooks, binders, and pencils. Seventy-nine percent of consumers plan to send their children back to school in style with new clothing; 51 percent said they plan to purchase a backpack or tote bag; and 50 percent of shoppers said they plan to purchase books.

This year, consumers are branching out, setting their sights on laptops and tablets for tech-savvy students heading back to school. According to survey results, 40 percent of respondents plan to purchase a tech-type item as part of their back-to-school shopping. When those respondents were asked to select all of the types of tech-related products they plan to purchase, 50 percent indicated a new laptop splurge and 49 percent selected a tablet computer. Twenty-eight percent of shoppers indicated they plan to purchase a smartphone and 10 percent selected a desktop computer.

Many savvy consumers are utilizing the Internet this year to take advantage of the latest and greatest back-to-school shopping deals coupled with in-store purchases; 79 percent indicated they plan to shop online compared to 69 percent in 2011.