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- Gift registries aren't just for weddings and babies anymore: College students are using them too.
- All told, families of college students are expected to spend $71 billion on dorm supplies in 2021.
- That's an increase from 2020 and a sign of many families' improved financial situations this year.
- See more stories on Insider's business page.
Gift registries, once reserved for expecting parents or soon-to-be newlyweds, are becoming mainstream for another subset of people embarking on a major life change: incoming college freshman.
Target and Bed Bath & Beyond, two of the retailers perhaps best-known for stocking dorm rooms, both offer the option to create a shareable list of hoped-for gifts like bedding or small appliances.
Target lets you designate your "most-wanted" items, while Bed Bath & Beyond has so streamlined the process that it will help you balance your list with a range of products at multiple price points, track who purchased what so you can send thank-you notes, and pack up all your items and hold them at the store closest to your university.
Creating a registry could result in meaningful discounts. Target and Bed Bath & Beyond offer 15% and 20% off, respectively, the items left over on your registry after the "event date" passes. The Goods' Cheryl Wischhover reported that oftentimes, families will create registries and then buy the whole list themselves to secure the reduced rate.
Joe Derochowski, a home industry advisor for market research firm NPD Group, recently told CNBC's Melissa Repko that dorm registries are a way for retailers to build loyalty early on by being part of a meaningful life moment.
-Saraya Allen (@SarayaAllen5) July 27, 2021
A 'much higher spending season'
These registries are also a sign of a shopping surge among college students and their parents, who are expected to spend a total of $71 billion on dorm items in 2021, up from $67.7 billion a year ago, according to the National Retail Federation and Prosper Insights & Analytics' back-to-school survey.
Overall, back-to-school spending is expected to reach an all-time high this year.
Families surveyed plan to spend $1,200.32 on average to outfit dorms this year, a jump of $141 from 2020. The majority of that spending is expected to be on electronics, as well as furniture and decor - this year, students are planning to spend an average of $164.38 on furnishings, up from $129.36 in 2020, the survey found.
A back-to-college survey from Deloitte found that that spending could be even higher. Deloitte's survey found that parents expect to spend roughly $1,460 per child, with 34% reporting that they planned to spend more this year than last year.
While tech products are expected to see the most growth, parents are also planning to shell out $3.1 billion on furniture and supplies, $3.7 billion on household appliances, and $3.8 billion on clothes, Deloitte found.
It's a sign that many families' financial situations may have improved: 75% of those surveyed by Deloitte reporting being in a similar or better financial situation than this time last year. Many parents have started receiving monthly child tax credit payments of $250 to $300, and some families were able to save more during the pandemic as activities and vacations were put on hold.
Rod Sides, vice chairman of Deloitte and Deloitte's US retail, wholesale, and distribution leader, recently told Insider's Madison Hoff that for many parents, there's more money available this year to ensure their kids have everything they need to start the school year.
"Generally when you've got reasonably low unemployment and a high savings rate that usually translates to a much higher spending season," he said.