On Back-to-School Spending
The National Retail Federation reports that families are spending more per college-bound student, but fewer people are planning to attend college this year, so overall back-to-college revenue is down. College students and their parents will spend an average of $618.12, up from last year’s average of $599.38. Total spending will decrease, by just over 30 million.
The National Retail Federation has something to say about this, of course: “The economy is forcing young adults to make hard decisions about which schools to attend, where to live, and what’s really a “necessity” for college,” says Tracy Mullin, President and CEO of the National Retail Federation. “This year, college students are just as focused as their parents on finding good deals and making smart choices with their money.”
Among the choices students are making is where to live. More students are opting to live at home rather than in residence halls or off-campus, according to the National Retail Federation. Of the respondents to the survey, 12.8% said the economy is affecting where their student lives this year. Students living at home will be 58.5% of the college population up from just over 54% last year and 49.1% in 2007. Students choosing to live in a residence hall make up 15.8% of the student population, down from 18%, and students living off-campus are down to 22.4% from 24.3%.
One question was left unanswered by the National Retail Foundation, but NPR came to the rescue: Are parents of incoming freshmen are still baffled by those extra-long sheets? (Yes.)
