“Back-to-class shopping is one of the most important consumer shopping occasions of the year," says Matthew Shay, President and CEO of the National Retail Federation (NRF).  "Our research for 2023 shows American consumers are eager to jumpstart their back-to-school and college purchases early."

Based on per capita spending estimates from the NRF, Charlotte area parents are expected to spend a record $369,832,349 to prepare more than 448,600 children returning to grades K-12. These expenditures will exceed 2022 back-to-school sales by 12.5%

Expenditures to equip K-12 students in the Charlotte area will be on:

• Clothing: $135.4 million
• Shoes: $106.9 million
• Supplies: $69.5 million
• Electronics: $57.9 million

In addition to expenditures for K-12,  $837.7 million is expected to be spent in the Charlotte area to prepare college students for their return to campus. This is 27% more than was spent last year. Another record.

The biggest spending categories to equip Charlotte area college students in 2023 will include:

• Electronics: $206.7 million
• Dorm/Apartment Furniture: $116.7 million
• Clothing: $111.4 million
• Food Items: $92.6 million

In order to capture the largest portion of this record back-to-class cash, Charlotte small business owners will need to fight to keep these dollars local. According to the NRF, a painful majority of shoppers plan to buy online and in department stores.  While only 13-15% of consumers plan to buy locally.

There are 676,000 adults in the Charlotte area who have earned a four-year college or postgraduate degree, according to research from Nielsen. A study from the Federal Reserve indicates that these educated consumers have been least affected by the economic consequences of the pandemic.

"While the labor market disruptions have affected workers in a wide set of industries and occupations, those without a college degree have experienced the most severe impact," say Mary C. Daly, Shelby R. Buckman, and Lily M. Seitelman authors of The Unequal Impact of COVID-19 in the Economic Letter published by the Federal Reserve of San Francisco.

Although the unemployment rate increased among consumers of every education level in late March when the Governors of North Carolina and South Carolina lockdown their states to slow the spread of the Coronavirus, the smallest increase was among those with bachelor or postgraduate degrees, according to the Bureau of Labor Statistics.

Seven months later, job recovery among those with college degrees is closer to pre-pandemic levels than consumers with lower levels of educational attainment.

Many small business owners have seen the correlation between advertising and survival during the economic crisis inflicted by the pandemic.  With precious few dollars to invest, it is crucial that every advertisement reaches consumers who have disposable income to buy. Right now, the most likely spenders are customers with college degrees.

By key advertising metrics, the best way to reach consumers with higher education is on Charlotte radio.