Back-to-school retailers look to make about $27 billion this year

Local News

Parents will soon be heading out to purchase clothes and school supplies for their kids and retailers will be competing for that business.

Retailers are aggressively competing for an estimated $27 billion that parents plan on spending during the back-to-school shopping season.

Parents of students in grades K-12 plan to spend about $500 per student.  

A recent survey noted that about 20% of where and how that money will be spent has yet to be decided.

According to analytics, though, these companies should not rule out older Americans.  Citizens 55 and older accounted for 41.6% of consumer spending so far this year, up from 41.2% last year.

Add in 53 and 54 year olds and the age group accounts for about half of all consumption.  This latest spending trend comes as advertisers are focusing their attention almost exclusively on millennials.

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