- Florida’s back-to-school sales tax holiday begins Monday, offering tax-free purchases on a variety of school supplies and clothing
- Back-to-school costs have risen in accordance with inflation. Parents can expect to spend a 24 percent increase in costs compared to 2019
- Despite the rising costs, the school supply market share is expected to rise
Florida’s back-to-school sales tax holiday begins Monday, granting students and parents a reprieve from rising prices. The tax holiday is active from July 25 through August 7.
During the sales tax holiday period, tax is not due on the retail sale of shoes and clothing, school supplies, laptops, and certain computer accessories. The economic alleviation comes as part of the $1.2 billion tax relief law that Governor Ron DeSantis signed in May.
“I encourage Florida families to take full advantage of the back-to-school sales tax holiday to stock up on new school clothes and supplies,” said state Chief Financial Officer Jimmy Patronis. “Getting ready for the school year can be an expensive time for Floridians, especially with inflation at record highs, and this tax break will help families keep a little extra money in their pockets and ensure their children have all the supplies they need to succeed this school year. Make sure to take advantage of this back-to-school savings while you can!”
According to an annual survey conducted by the National Retail Federation, families with kids in elementary and high school anticipate spending an average of $864 this summer on back-to-school clothes, supplies, electronics, and other items. This is an increase of 24 percent from the $697 that was anticipated in pre-pandemic 2019.
As with most other retail items, costs have jumped in accordance with inflation. According to a Deloitte report, school clothing costs are expected to be 18 percent higher than they were last year, while school supplies like backpacks, notebooks, and writing instruments are seeing a cost spike of 7 percent.
“We strongly encourage Floridians to take advantage of these sales tax holidays by proactively bolstering your home’s resiliency over the next two years – particularly as we enter what’s expected to be another active hurricane season – investing in energy-efficient appliances to scale back your utility bills, and saving on the diapers and clothes your baby needs through June 2023,” said Florida TaxWatch President and CEO Dominic M. Calabro.
Back-to-school shopping is typically the second-largest annual spend for families, only behind holiday season expenses. According to Deloitte’s report, more than half of parents expressed concern about the increase in back-to-school costs. Despite the public’s trepidations, the economic firm anticipates that the market share for back-to-school supplies will increase, ballooning in excess of $50 million.