Earlier this year, a report found that raising a child can cost up to $233,000, proof that kids don't come cheap. The end of summer creates another financial headache for parents as children start stocking up on expensive supplies before their return to school. Deloitte is estimating that this year, U.S. back to school spending will hit $27 billion.
The average bill per child will be $501, slightly higher than last year's $488. Broken down by category, school supplies will be in the highest demand, with 98 percent of those surveyed spending an average of $104 on items such a books, backpacks and lunch boxes. 97 percent of parents will buy clothing and accessories like shoes and gym clothes with avergage spending $284. 18 percent of U.S. parents plan on buying their child an electronic gadget, with average spend substantially higher at $254. Computers and hardware will have the highest average spend at $307, though less than a quarter of parents plan such a purchase this year.
This chart shows planned back to school purchases and spending by category in the U.S. in 2017.
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