From August 26 to September 6, New Jersey residents can seize the opportunity to save money on essential back-to-school items during the state’s sales tax holiday. Created with families in mind, this ten-day event allows shoppers to enjoy a break from the state’s 7 percent sales tax on school supplies, art supplies, computers, and instruction materials, making the back-to-school shopping experience more budget-friendly.
The sales tax holiday comes with a maximum cost cap of $3,000, encouraging families to make the most of the savings while preparing for the new school year. As families gear up for the academic season, the National Retail Foundation predicts a record-breaking back-to-school shopping spree. Consumers are expected to spend approximately $41.5 billion on back-to-school items, surpassing last year’s $36.9 billion and the previous high of $37.1 billion in 2021. Back-to-college shopping is projected to reach an impressive $94 billion, representing an increase of approximately $20 billion compared to last year.
Based on a survey of 7,843 consumers conducted earlier this summer, the retail trade group estimates that families with children in elementary through high school will spend an average of $890 on back-to-school shopping this year, an increase of about $25 compared to last year’s record of just under $865. Meanwhile, college students and their families anticipate spending an average of $1,367, surpassing the 2021 record where families spent $1,200 on back-to-college shopping.
For elementary through high school students, big-ticket electronics like laptops, tablets, phones, and calculators are among the top items on their back-to-school shopping lists. On the other hand, college students add furnishings and food accounts to their must-have list as they prepare to embark on their academic journey.
During New Jersey’s sales tax holiday, families can maximize their savings while checking off items from their back-to-school shopping lists. So, mark your calendar and make the most of this fantastic opportunity to prepare for the new school year without the burden of sales tax expenses. Happy shopping!
