Back to school is a critical time for vendors. According to RSM, an accounting and consulting firm, back to school sales account for 15 – 20 percent of total retail sales for the year, second to only the holiday season. This means back to school sales are an important benchmark for meeting revenue goals, and a great opportunity to make more sales.
The National Retail Federation announced back to college spending is to reach an all-time high this year, while back to school spending is expected to see its second-highest spending level on record. Altogether, sales are expected to total $83.6 billion. NRF president Matthew Shay says this growth is a result of a stronger economy and confident consumers.
Ellen Davis, senior vice president, research and strategic initiatives for the National Retail Federation explains that recently, consumers are in a much better economic position. Back to college shoppers will spend on average $970, up from $889 in 2016. Davis attributes this to increased college enrollment and more students moving away from home than before.
Many flea markets host designated back to school events with kid-friendly activities and family fun. This personal touch is where community sellers really shine. Talk to your local market coordinators to see what events they have planned for back to school. Make your market an integral part of back to school readiness by partnering with local schools to get teacher supply lists. These events are also a great place to showcase school music and performance groups, fundraise for school activities, and host sign-ups for after school programs. Flea markets are already a great community-gathering place. Combine the local touch with unbeatable bargains for a combination that chain and mass merchant retailers can’t compete with.