Americans are expected to spend a record $41.5 billion on back-to-school supplies this year, according to a report from a retail watchdog.
The National Retail Federation predicts Americans will spend a record $41.5 billion, up from last year's $36.9 billion and the previous record of $37.1 billion set in 2021.
Meanwhile, spending on higher education is expected to hit $94 billion, a full $20 billion higher than last year's number. "Even though consumers plan to spend more on school and college-related items this year, they are still looking to find the best value and deals," said Phil Rist, an executive vice president at Prosper Insights & Analytics, a firm that conducted the survey along with the NRF.
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