By Mark Clothier
Aug. 11 (Bloomberg) -- More powerful calculators, field trips and clarinet rentals are driving up the cost of sending a kid to school even as consumers curb spending in the U.S. recession.
The CHART OF THE DAY shows the estimated expense for parents to have a child in elementary, middle or high school has risen in the past two years, mostly because of new fees and small gadgets, according to a study by Huntington National Bank. The bank calculated the expenses based on school supply lists and fees in five states.
Consumers have eased spending on non-necessities as unemployment climbs in the recession, which started in December 2007. Back-to-school spending will drop 13 percent this year, according to the National Retail Federation, a Washington-based trade group.
“People are trying to budget, but back-to-school is sensitive,” said Deb Stein, who heads Huntington National’s retail banking in Columbus, Ohio, where the bank is based. “Parents are embarrassed if they can’t provide it. This is the kind of stuff that really hits home,” she said in a telephone interview.
Parents will spend about $473 for supplies and activities for elementary school kids this year. That’s 34 percent more than in 2007 because of the higher cost of musical-instrument rent and newer fees for things like art supplies, club dues and magazine subscriptions, said Maureen Brown, a bank spokeswoman.
High-schoolers will require about $999 apiece in equipment and fees for extracurricular items, including test preparation and sports fees, 12 percent more than in 2007. The cost of middle-school preparedness rose 1 percent to about $536.
To contact the reporter on this story: Mark Clothier in Atlanta at mclothier@bloomberg.net
Last Updated: August 11, 2009 05:00 EDT
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