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While there are few certainties in life, regardless of economic conditions, children grow and pencils wear down.
This year, parents are saying they are planning on spending more on back-to-school supplies despite the tough economic times. After all, parents have to fulfill the supply lists schools send out in August and replace the outgrown jeans and jackets. This gives retailers a great opportunity to push plush new backpacks, sporty new sneakers, and fresh unsharpened pencils.
The National Retail Federation's 2012 Back-to-School spending survey conducted by BIGinsight indicates the average person with children in school will spend $688.62, up 14 percent from last year's survey. That puts total back-to-school spending at $30.3 billion. Add in spending on supplies for college students, which aren't included in the first number, and spending hits $83.8 billion.
But the economy is front of mind for consumers. After all, unemployment is still stubbornly high , and uncertainty abounds with an upcoming election and a looming "fiscal cliff."
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