How Much Will Montanans Pay This Year for Back-to-School Shopping

Money seems to be on everyone's minds this week.

Media outlets reported that the Down Jones fell over 1,000 points on Monday, though today, CNBC is reporting that it has regained 700 points.

In Montana, money news is focused on property tax rebates. The first day to apply for the 2023 property tax rebates is August 15. In Missoula County, Missoula County Commissioners had their first meeting, and according to a story on KGVO, there could be an increase to property taxes.

But the costs or spending that may be on the top of many Montanans' minds right now are those associated with back-to-school shopping.

If you are looking to save money there are still a few days of the Denim Take Back Event that Target is hosting. But you may be hoping to just get a better idea of how much money you'll need to spend this year.

The National Retail Foundation (NRF) has looked at the trends in planned back-to-school spending going back to 2007. Planned spending is down from last year to this year.

National Retail Federation

Using data from an annual survey from Prosper Insights & Analytics, the NRF is predicting that the cost per household for back-to-school spending for K-12 in 2024 is $875. That's only down $15 from 2023 but it is a decrease. The cost is comprised of things like electronics, clothing and accessories, school supplies, and shoes.

For college students, the expected cost per household for back-to-school spending is $1,365 which is practically the same as it was in 2023 ($1,367).

Almost $900 and $1400. Do these costs line up with what you have spent or expect to spend on back-to-school shopping this year? Let us know in the comments or on the app.