#MillenniumLive , Data , Podcast
Back-to-school spending has been on an uphill trend since the end of the recession in 2009. According to the National Retail Federation, the 2019 average spend per family is the highest ever recorded ($696.70) vs. $684.79 in 2018. We’re also gearing up for a whopping $80.7B overall expected spend for back-to-school and back-to-college, which is moderately down from last year’s ($82.8B) due to a decrease in the number of households with children in elementary or high school.
“Consumers are in a strong position given the nation’s growing economy, and we see this reflected in what they say they will spend on back-to-class items this year,” said NRF President and CEO Matthew Shay.
Amid K-12 shoppers, clothing/accessories are the leading expense ($239.82) followed by electronics and shoes. The lowest expense category is (ironically) school supplies ($117.49). Expectedly, college shoppers are expected to spend the most on electronics (234.69), followed by clothing and accessories and dorm/apartment furnishings.
Given the record-breaking back-to-school spending this year, Gen Z is undoubtedly a force to be reckoned with in the marketing world. They account for 25% of the US Population, and according to MarketingDive, Gen Z teens influence $600 billion in family spending per year.
Differently from Millennials, who prioritize spending on travel and experiences, Gen Z spends more on clothing and values quality and luxury goods. This generation grew up online, so their messaging should be personalized, self-aware, and authentic. Their most popularly used social outlets are Youtube (95%), followed by Instagram (69%), Facebook (67%) and Snapchat (67%), and 80% of Gen Z-ers say they’re influenced by social media while making their buying decision. The children of meme culture are realists, not perfectionists, and they appreciate a brand with personality and individuality, with 55% of them giving more attention to brands that are socially or environmentally responsible.
Gen Z is like no generation before- they’re realists, advanced technoholics, and they have an affinity for quality and luxury goods while also being financially pragmatic and devoted to social and environmental responsibility in their buyer decision journey. With this generation gearing up for the workforce, we’re interested to see how Gen Z’s values and approach to money impact our future.
Digital Retail Transformation East
C-Level experts from across North America’s retail industry are coming together in Miami to anticipate the highly complex digital retail environment that will develop over the next few years.
Through a cutting-edge program designed by the industry, for the industry, we will provide a fresh and up-to-date insight to help move your organization to the next level of digital leadership. A series of executive education roundtables, keynote presentations, collaborative think tanks, educational workshops, and networking sessions will offer industry-specific topics and trends to ensure your company sustains its competitive advantage.
Are you interested in becoming a sponsor for this event? Click here today to learn more >>
Are you a Retail Executive in attending this event? Inquire here today to find out if you qualify for Millennium Membership >>
Reach thousands of C-Level
Executives every month.
Do you have content that you feel will
resonate with our audience? We'd love to
welcome you as a guest contributor!
Premium content to our readers
interested in all things business.
Millennium Membership offers Fortune 1000 C-Level executives, leading public sector/government officials, and thought leaders across a variety of disciplines unique and exclusive opportunities to meet their peers, understand industry developments, and receive introductions to new technology and service advancements to help grow their career and overall company value.About Millenium Alliance
Launched in 2017, Digital Diary was created to provide premium content to our members interested in executive education and business transformation. With C-Suite executive and top academic contributors, interviews with industry leaders, and digital transformation insights from technology experts, Digital Diary has all of the professional development tools you need to stay ahead of the curve.
We are dedicated to distributing meaningful opportunities for our reader to increase their personal knowledge, simplify business initiatives, and to have the right information to build their capabilities and leadership skills at every level.
In the midst of disruption across all industries, our members are given the tools they need to digitally transform their organizations.
Joining Mill All is an opportunity unlike any other to connect with the best professionals in your industry and be a part of a community to become the best leader you can be.
500 Companies Attend Each Year