This is the second in a 4-part series on back to school retail. Read part 1 here
Back to school is usually dominated by school supplies, apparel, and shoes. However, even industries not usually associated with back to school can benefit from the second biggest spending season of the year for retail. Here’s why:
1.) Increased Retail Foot Traffic:
Discount stores are well known for carrying pretty much everything. Need to get gardening supplies, a casserole dish, some new socks, and a 300 pack of mailing labels all in one day? Chances are shoppers won’t go to 4 different stores, when they can buy all of them in one place. Is it any wonder that discount stores benefit the most from back to school shopping? Two out of three shoppers went to discount stores in 2012 for their back to school needs (more than any other type), so any product sold in the Walmarts and Targets of the world can benefit from the the back-to-school crowds.
2.) Extra Spending Power From Your Customers:
From August 2-4th 11 different states are offering shoppers a tax free weekend on school supplies, clothing, computers, books, and even sports equipment. But that doesn’t mean other goods have to feel left out. According to research by The Washington Economics Group, sales of non-taxable goods at large retailers during Florida’s 2010 tax-free holiday increased by 35% when compared to the year before. This is a huge opportunity for other industries. Consumers have more money to spend because of sales tax holidays. Make sure your product is attracting the customer’s attention.
3.) Back to College:
While the little ones head back to the classrooms, we can’t forget about the 17-23 year olds heading to college. In 2012, they spent 63% more than back to school shoppers, representing $53.5 Billion dollars of the back to school pie. That’s $53.5 Billion dollars spent on things like extra-long twin-sized bed sheets, Easy Mac (the new Ramen Noodle), futons, televisions, and those little white boards that stick to the front of your door. 74% of college shoppers bought personal care items, 69% stocked up on food, 54% got electronics and 47% spent to furnish their dorm room.
So while we may be back to the season of pencils, books and teachers’ dirty looks, don’t forget that back to school can be a fruitful season for anyone. Do you work in housewares, consumer electronics, or inexpensive, microwavable pasta dishes? Treat this like you would any other season with increased sales, and make sure your retail execution is flawless
We can help with that – Request a demo to learn how