A new report from the National Retail Federation shows that the average American family has already completed more of its back to school shopping by now, compared with the same time period last year.
According to the NRF, “The average family has completed 43.2 percent of their school shopping, compared to 41.6 percent at this time last year. Similarly, families of college students have completed 43.1 percent of their shopping, versus 41.0 percent the previous year. NRF’s 2010 Back-to-School/College survey found Americans are expected to spend a total of $55.12 billion on K-12 and college merchandise this year.”
That’s good new for retailers, still struggling with a slow economy and high unemployment among consumers. And it might be a portent of the shopping to come: “Back-to-school will be the first real test for retailers and the economy as we plan for the holiday season,” said NRF President and CEO Matthew Shay.