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Though overall back-to-school spending is expected to grow this year, back-to-college spending will not, according to an NRF survey conducted by BIGresearch, which found that college students will on average spend just under $600 this year, down 7 percent from 2007 (see graph) - MarketingCharts reports.
Among the highlights:
Students are being more frugal during tough economic times and making fewer “fun purchases,” said NRF President and CEO Tracy Mullin.
College bookstores are the most likely to be affected by the drop in back-to-college spending, as 41.8 percent of students said they plan to buy from bookstores, down sharply from 57.2 percent last year.
The only category with a notable increase in per-person spend will be school supplies ($68.47 vs. $63.52 last year), showing that students are focusing more on necessities.
In addition, more students are saving money by living at home - more than half (54.1 percent) of respondents commute to campus from their parents’ houses, up from 49.7 percent last year.
About the Survey: The NRF 2008 Back to College Consumer Intentions and Actions Survey polled 8,361 consumers July 1-8, 2008.
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