Families will spend a record $691 on school supplies this year
Parents suffering sticker shock on back-to-school spending this fall better brace themselves — the latest round of Chinese tariffs are likely to make next year’s shopping spree even more expensive.
Prices on those items aren’t expected to go up immediately, because the items in stores now were shipped months ago, but shoppers could feel the pinch at the start of next school year, Bethany Aronhalt, a National Retail Federation spokeswoman, told MarketWatch. President Trump’s trade war with China will add yet another layer of costs for many families who are already getting squeezed by day-care costs and extracurricular activities. In May, Federal Reserve Bank of New York economists said American families would spend an extra $831 annually because of tariffs on Chinese imports.
Families have already been contending with increased prices on back-to-school gear due to old-fashioned inflation and the usual annual price hikes. , according to National Retail Federation estimates. That’s up from $685 last year and exceeds $689 in 2012, the previous record, according to the NRF.
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