Wednesday, 26 July 2017 09:01

Back-to-School Sales Tax Holiday a Win for Floridians and Retailers

For Immediate Release: July 25, 2017
CONTACT: James Miller, This email address is being protected from spambots. You need JavaScript enabled to view it., (850)701-3015

Popular annual shopping holiday takes place August 4-6; Eligible technology items up to $750 are tax free meaning significant savings for Florida families

TALLAHASSEE, FL – The Florida Retail Federation (FRF), the state’s premier trade association celebrating its 80th year of supporting Florida’s retailers, is reminding Floridians and retailers of the upcoming back-to-school sales tax holiday weekend, taking place August 4-6. Serving as the state’s 2nd busiest shopping “holiday,” the weekend is expected to bring in near record-breaking sales, while Floridians are able to stretch their hard-earned dollars further and employees benefit from additional jobs and wages. Additionally, this year’s holiday sees the return of eligible technology items up to $750 tax free, which means substantial savings for Florida families.

“We are looking forward to another successful Back-to-School Sales Tax Holiday, and applaud Governor Scott and the Legislature for recognizing the significance it has on our hard-working families and the 270,000 retailers throughout the State of Florida,” said FRF President and CEO R. Scott Shalley. “Each year, shoppers show up in record numbers and provide a tremendous economic boost overall to retailers’ sales numbers while they are able to afford more of the supplies they need.”

Nationally, the average family is expected to spend $687.72 on apparel and accessories, shoes and school supplies, up eight percent from 2016, according to FRF’s national partners at the National Retail Federation’s annual survey conducted by Prosper Insights and Analytics. Nationally, sales for this back-to-school shopping weekend are expected to reach $83.6 billion, a more than 10 percent increase from last year’s $75.8 billion.

Families with children in elementary through high school plan to spend an average of $687.72 each, for a total of $29.5 billion, an 8 percent increase from last year’s $27.3 billion. Total spending is the second-highest in the history of the survey following a peak of $30.3 billion in 2012.

According to the survey, back-to-school shoppers plan to spend $10.2 billion on clothing (purchased by 95 percent of respondents), $8.8 billion on electronics such as computers or calculators (60 percent), $5.6 billion on shoes (93 percent) and $4.9 billion on school supplies such as notebooks, folders, pencils, backpacks and lunchboxes (97 percent). Parents say they will spend an average of $238.89 on clothing, $204.33 on electronics, $130.38 on shoes and $114.12 on school supplies. While consumers plan to spend more across all categories, shoes and school supplies seeing the highest expected increase.

For the first time, the survey asked consumers what types of electronics they plan to purchase. Among electronics shoppers, 45 percent said they would buy a laptop computer while more than a third plan to purchase a tablet (35 percent) or a calculator (35 percent). One in four plan to purchase electronic accessories such as a mouse, flash drive or charger.

According to the survey, 65 percent of back-to-school shoppers say half or more of their purchases are a direct result of their children’s influence, up from 57 percent last year. And while children’s influence is growing, so too is their willingness to help their parents pay the bill: teenagers will contribute $37.64, up from last year’s $32.90, and pre-teens will contribute $27.09, up from last years $20.08.

More families will tackle their back-to-school lists early this year with 27 percent beginning two months before the beginning of school, up from 22 percent last year. But not all shoppers are early birds, 21 percent will wait until the last week or two before school starts, about the same as last year’s 22 percent. Of those shopping early, 60 percent say they are trying to spread out their budgets, 48 percent don’t want to miss out on sales and 43 percent want to avoid crowds.

When it comes to where parents will buy, they are shopping across a variety of retailers; 57 percent will shop at department stores, 54 percent at discount stores, 46 percent each at clothing stores and online, and 36 percent at office supply stores. For those shopping online, 91 percent plan to take advantage of free shipping and 54 percent will buy online and pick up in-store.

The back-to-school sales tax holiday has been one of the most popular shopping holidays among consumers and retailers and has been providing vital tax relief since it first began. The holiday has been recognized in 16 out of the 20 years since it first began in 1998. This year will mark the 8th year in a row it has taken place. For the complete list of eligible tax-free items, see floridarevenue.com/.

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.

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Read 1499 times Last modified on Wednesday, 26 July 2017 11:34