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Consumers are preparing to spend “record amounts” for both K-12 and college supplies as students prepare to return to school in-person in the fall, according to a recent National Retail Federation report.
What Is Happening: Total spending on back-to-school materials is anticipated to reach a record of over $371 billion — an all-time high since the survey began tracking such information.
“Electronics” comprise the largest percentage of anticipated purchases both for college and K-12 students, followed by “clothing” (for K-12 students) and “dorm/apartment furnishings” (for college students).
Both college and K-12 students are anticipate making most of their purchases online as opposed to in-person.
Why It Matters: Certain stocks are likely set to win from this spending spree.
In April, UBS analyst Jay Sole said he's bullish on Kontoor Brands Inc (NYSE:KTB), Gildan Activewear Inc (NYSE:GIL), L Brands Inc (NYSE:LB), and Abercrombie & Fitch Co. (NYSE:ANF) — almost all of which have went up in stock price since that time.
Retail executives are changing up their priorities a bit because of the pandemic, according to a new Deloitte report.
Digital acceleration, supply chain resiliency and the health and safety of workers are all taking highest priority among top retail business owners.
Many retail businesses are specifically looking to update their company’s mobile e-commerce capabilities.
Photo: Unsplash photo by Ben Wicks.
