(NYC/CBS) Parents around the country are breaking out their wallets and gearing up for some back-to-school shopping.
According to the latest American Express Spending & Saving Tracker report, the budget for spending has increased considerably since last year.
American Express noted that 80 percent of consumers with children in preschool to high-school expect to spend more or the same amount per child on back-to-school shopping than last year.
Of those surveyed, 39 percent said they plan to spend more than in 2009. Sixty-three percent of consumers those surveyed by American Express said they plan on setting a budget, and nearly all participants said they will be stretching their dollars by shopping sale and clearance racks and coupon clipping.
So how much will people spend?
According to the American Express report, the average family of four will spend $550. Parents will spend the most on clothing, shoes, school supplies, and, interestingly enough, cosmetics.
American Express Spending and Saving Tracker surveyed 2,068 consumers among the general U.S. population this month. The survey included two subgroups: households with incomes of $100,000 or more and young professionals (under 30, college-educated with household incomes of $50,000 or more), as well as 500 households with children in grades kindergarten through high school.
The survey found families will spend an average of $240 on clothes (with a budget average of $240), shoes (averaging $100), and school supplies (averaging $90).
But that's just scraping the surface. Other parents will spend money on electronics, grooming and even designer merchandise.
What big-ticket items do you plan to spend money on this year for your kids? Do you intend to spend more money this year?