For Immediate Release: June 24, 2015
Recently expanded 10-day back-to-school sales tax holiday comes at right time, with 30 percent of families expecedt to increase spending on school supplies in 2015; More parents to comparison shop for best deals
TALLAHASSEE, FL– With the recent positive news that Florida’s annual back-to-school sales tax holiday was included in the state’s final budget and expanded to a record ten days, the Florida Retail Federation (FRF), the state’s premier trade association representing retailers for over 75 years, says Florida families expect to increase their spending on school supplies this year, meaning good things are in store for Florida retailers.
“Thanks to the commitment of both the Florida legislature and Governor Scott on expanding the back-to-school sales tax holiday, the timing couldn’t be better as Florida families will see extended savings while retailers can expect increased sales,” said FRF President/CEO Rick McAllister. “Families are already starting to prepare for the upcoming school year, and this annual back-to-school shopping season is the second busiest behind only the winter holidays in terms of sales.”
According to the National Retail Federations’ Retail Insight Center Monthly Consumer Survey of more than 6,400 adults, 29 percent of households with school-age kids plan to spend more than last year for back-to-school, compared with nearly 24 percent who said the same thing this time last year. As for college students and their families, nearly three in 10 plan to spend more this summer, up from 23 percent last year.
The positive uptick in planned spending means that retailers’ back-to-school season could bring a welcome boost in sales after a disappointing first half of the year. Regardless of their spending plans this summer, the economy is still top of mind for some families, especially when it comes to making sure their children have what they need for the school year.
Among those who say the economy will impact their back-to-school and college spending plans, 32 percent of college shoppers plan to comparison shop online to make sure they get the best bang for their buck, up from nearly 28 percent last year. More than 31 percent of school shoppers will compare prices online, compared with nearly 30 percent last year.
ABOUT THE FLORIDA RETAIL FEDERATION
The Florida Retail Federation is the statewide trade association representing retailers -- the businesses that sell directly to consumers. Florida retailers provide one out of every five jobs in the state, pay more than $49 billion in wages annually, and collect and remit more than $20 billion in sales taxes for Florida’s government each year.
ABOUT THE NATIONAL RETAIL FEDERATION
As the world's largest retail trade association and the voice of retail worldwide, the National Retail Federation's global membership includes retailers of all sizes, formats and channels of distribution as well as chain restaurants and industry partners from the U.S. and more than 45 countries abroad. In the U.S., NRF represents the breadth and diversity of an industry with more than 1.6 million American companies that employ nearly 25 million workers and generated 2010 sales of $2.4 trillion. www.nrf.com.