Data: Parents To Spend $1,642 On Back-To-School Expenses, Up 33% From 2015
MINNEAPOLIS (WCCO) -- Parents: if you feel your wallet is getting a bit lighter than usual this back-to-school shopping season, you're not alone.
According to new data from the American Express Spending & Saving Tracker, parents are expected to spend $1,642 on back-to-school expenses this year, which is up from $1,239 in 2015.
That's a 33 percent jump from last year.
Parents are expected to spend more on musical instruments ($267 this year vs. $194 in 2015) and mobile devices ($172 vs. $125 in 2015).
"When looking at trending data on this topic from the past five years, 2016 is showing the largest year-over-year increase for back-to-school shopping,"said Jed Scala, Senior Vice President, Consumer Lending at American Express. "This may be attributed to an ever-evolving back-to-school shopping list and, perhaps, parents' ability and willingness to spend more when it comes to education and extracurricular activities."
