back to school spending electronics

Get Out Your Wallet: Families Spend Big on Electronics this Back-to-School Season

back to school spend

Back-to-School Spending Spree

According to Yodlee data, back-to-school spending appears to have grown roughly 28% between 2019 and 2023, with a CAGR of 6.5% over that time (see Figure 1). The National Retail Federation predicted that overall back-to-school spending would reach an unprecedented $41.5 billion in 2023, up from $36.9 billion the previous year, representing an impressive 12.5% increase. Figure 1 indicates that Computers & Electronics spending outpaced this growth significantly, more than doubling from 2019 to 2023.

back to school share of wallet
•Others* include – Bookstores, Cards and Stationery

The Rising Spend on Electronics

The Yodlee data on multiple shopping categories (see Figure 2) indicates that there has been a shift toward computers and electronics in the back-to-school budget. Before the pandemic, families spent 18% of their back-to-school budget on computers and electronics. This nearly doubled in 2023, as parents spent 31% of their budget on computers and electronics. 

According to Yahoo Finance, parents are expected to have record spend on technology in 2023. Spending on electronics estimated to reach a record high of $15.2 billion, up 65% from last year, with 69% of families expecting to buy electronics or other computer-related accessories. This is likely due to continued emphasis on technology and hybrid learning models.

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About Envestnet® | Yodlee® Merchant, Retail, Shopper, and Spend Insights

Envestnet | Yodlee Merchant, Retail, Shopper, and Spend Insights utilize de-identified transaction data from a diverse and dynamic set of data from millions of accounts to identify patterns and context to inform spending and income trends. The trends reflect analysis and insights from the Envestnet | Yodlee data analysis team. By combining data with intelligence – connecting vast amounts of actual de-identified shopping data with state-of-the-art analytics and machine learning – Envestnet | Yodlee provides visibility into an entire set of shopping daily purchase behavior including, but not limited to, transactions, customer lifetime values, and merchant/retailer shares.

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