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84 Percent of Americans Think Too Much is Spent on Back-to-School Shopping
Friday, August 15, 2014 6:30 AM

A new GOBankingRates study finds most Americans think back-to-school shoppers are spending way too much money.

Though the National Retail Federation’s 2014 Back-to-School Survey found the average family expects to spend nearly $670 on attire, supplies and electronics, 84.3 percent of GOBankingRates poll respondents said that a “reasonable” budget for back-to-school shopping is actually under $500. Further, 52.6 percent of all respondents said a budget should be less than $200.

Additional findings:

  • Only 15.6 percent of Americans think a reasonable back-to-school budget is more than $500.
  • Survey responses didn’t vary greatly by gender, but women generally tend to think a smaller budget is more reasonable.
  • Those making $100,000 or more are the most likely (91.2 percent) to have a budget under $500.