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Back-to-school spending expected to break records

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A recent survey from the National Retail Federal found families plan to spend record amounts on back-to-school shopping this year.

K-12 families are expected to spent $696.70, above the previous record of $687.72 set in 2017.

Families of college students are predicted to spend an average of $976.78. The record of $969.88 also was set in 2017.

“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,” said Matthew Shay, president and CEO of the NRF.

Read more from Fox Business.

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