(Image Source: Angelina Litvin / Unsplash)
September 2024
Get your backpacks ready, Econ Quiz readers. The school year is here, and this week’s quiz focuses on the annual back-to-school bump in retail sales.
Back-to-school spending continues to grow each year. According to the National Retail Federation the average household spent $697 on back-to-school items in 2019, jumping to $849 in 2021, and $890 in 2023, for a market total of $41.5 billion in the 2023-24 school year. Parents use a variety of strategies to keep spending in check. The market research firm Mintel surveyed 1,906 parents of K-12 students and found that 18% bought fewer new items, and 21% re-used more items, in 2023 than they did in 2022. Half of parents reported that they compare prices, look for sales (50%), shop sales for most items (48%), purchase store brands (30%), shop on tax-free holidays (30%), or switched to a lower-cost retailer (26%). Despite these strategies, 36% reported spending more on back-to-school shopping in 2023 than in the previous year.
That brings us to today’s question. Electronics accounted for roughly $15.2 billion of the $41.5 billion spent on back-to-school items last year. To make the Econ Quiz honor roll, how much did the average family spend on electronics alone for their K-12 student in 2023? For extra credit, how much was spent on traditional school supplies, such as pencils, notebooks, and glue sticks?
A. $325.96
B. $257.12
C. $201.87
D. $166.59
E. $140.39
ANSWERS
Answer: A & E. According to the National Retail Federation, back-to-school shoppers spent an average of $325.96 on electronics, $140.39 on traditional school supplies, $257.12 on clothing and accessories, and $166.59 on shoes.
