Despite all the uncertainty that lies ahead for the parents of America’s school-age children, one thing is certain: Back to school season is here. Whether classes resume in person or online, parents are preparing for their children’s school supply needs.
A new survey from the International Council of Shopping Centers (ICSC) shows that Americans will spend more than $1,000 on supplies and other back-to-school expenses this year, about $100 jump from a year ago.
Tom McGee, CEO of the ICSC, stopped by Yahoo Finance’s “The First Trade to discuss how Americans plan to spend big on tech for back to school.
“As we move toward a very unconventional year toward more of a hybrid model or a complete online learning experience, you’re going to see a lot more spent on technology, a lot more spent on furniture, things like that that enable the home to be used as a classroom,” he added.
“I think given the environment that we are in it speaks to really a historic period of time in our nation's history, but certainly in the back-to-school and schooling aspect of our lives. Electronics and furniture are really important,” he said.
“If you're having your child educated from home with their teachers and host of their classmates, I think that puts a premium on technology and connectivity. The importance of wifi connection, the stability of that, and home network type capabilities are really important.”
Reggie Wade is a writer for Yahoo Finance. Follow him on Twitter at @ReggieWade.