WASHINGTON – As students gear up to go back to school and college, families plan to spend more than ever on supplies ranging from pencils and backpacks to computers and dorm refrigerators, according to the annual survey released Monday by the National Retail Federation and Prosper Insights and Analytics.

“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,” NRF President and CEO Matthew Shay said. “We’re expecting record spending and retailers are ready to provide students with all the items they need for a successful school year.”

Families with children in elementary school through high school plan to spend an average $696.70. That’s up from $684.79 last year and tops the previous record of $688.62 set in 2012. With fewer families surveyed saying they have children in grades K-12, spending is expected to total $26.2 billion, down from last year’s $27.5 billion despite the increase in per-household spending.     MORE