Custom art, air purifiers and TikTok: College-spending boom could boost retailers' sales this fall
Publishing timestamp: 2023-08-10 17:20:50
Summary
The article discusses how college students and their families are expected to spend a record amount on back-to-college items this year. The average spending per person has increased by 40% since 2019, with households planning to spend around $1367 per person. This increase in spending is attributed to the influence of social media, particularly TikTok, where students showcase their fancy dorms. Retailers like Target, Walmart, and Kohl's are expected to benefit from this back-to-college spending boom. However, some forecasts suggest that back-to-school spending for kindergarten through high school students may decrease. The closure of Bed Bath & Beyond stores has created an opportunity for other retailers to grab market share in the college market. Retailers like Target, Walmart, and Ikea are offering college-friendly items and partnering with influencers to attract college customers. The article also mentions the rise of decorators and interior designers catering to college students' dorm decor needs.
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Keywords: macy's inc, best buy co inc, retail industry, breaking news: business, business, tjx companies inc, williams-sonoma inc, lululemon athletica inc, american eagle outfitters inc, walmart inc, target corp, business news, kohl's corp, amazon.com inc,