Florida - Soon, the back-to-school sales tax holiday will begin in Florida and record-breaking sales are expected.
According to the Florida Retail Federation, one of Florida's trade associations that supports retailers, the upcoming tax-free weekend is the 2nd busiest shopping holiday. The tax holiday will begin on Friday, August 4, and continue through Sunday, August 6.
“We are looking forward to another successful Back-to-School Sales Tax Holiday, and applaud Governor Scott and the Legislature for recognizing the significance it has on our hardworking families and the 270,000 retailers throughout the State of Florida,” says R. Scott Shalley, FRF President and CEO. “Each year, shoppers show up in record numbers and provide a tremendous economic boost overall to retailers’ sales numbers while they are able to afford more of the supplies they need.”
According to the National Retail Federation, an FRF partner, its annual survey shows that families are expected to spend $687.72 on school supplies, shoes, clothes and accessories for a total of $83.6 billion spent, a 10% increase from last year's $75.8 billion. Families with students in elementary through high school are expected to spend $29.5 billion overall, an 8% increase since 2016's $27.3 billion. This is the second largest total spending for the holiday since a $30.3 billion peak in 2012.
A breakdown of how shoppers will spend their money can be found below.
In total:
Families are expected to spend:
45% of those surveyed said they would purchase a laptop, 35% plan to purchase a tablet, 35% plan to buy a calculator and 25% plan to buy computer and electronic accessories. This year eligible electronics and technology up to $750 are tax-free.
65% of parents say their children influence what they will buy, an 8% increase from 2016. This year, teens will help their parents by spending $37.64 of their own money, a $4.24 increase from 2016, and pre-teens will spend $27.09, a $7.01 increase from 2016.
A breakdown of where and how parents, teens and preteens will buy school supplies can be found below.
91% of online shoppers will plan to use free shipping offers and 54% say they will make purchases online and pick up their items in-store.
In terms of when shoppers will begin gathering supplies, 27% began shopping 2 months before school starts, a 22% increase from 2016. Of the shoppers that began shopping early, 60% say want to spread out their budgets, 48% say they do not want to miss any sales and 43% say they want to avoid shopping crowds. About 21%, down just 1% from last year, say they will wait until a week or two until school starts to buy supplies.
This is the 8th year in a row the tax holiday has occurred. The holiday began in 1998 and has been recognized 16 out of the 20 years it has existed. For a list of all tax-free items, go here.
Copyright Southern Stone Communications 2017.
