2018 back-to-college survey - Deloitte United States...Deloitte’s 2018 back-to-college survey • Parent’s back-to-college spending is expected to reach $25.5B, or $1,330 per household,

2018 back-to-college surveyVying for wallet share

2018 back-to-college surveyCopyright © 2018 Deloitte Development LLC. All rights reserved. 2

Key findings

Deloitte’s 2018 back-to-college survey

• Parent’s back-to-college spending is expected to reach $25.5B, or $1,330 per household, essentially flat to 2017

• $5.6B is up for grabs. Shoppers remain undecided on where to spend 22 percent of their budget: online or in-store

• Despite ongoing hype about eCommerce, parents plan to increase their in-store spend in 2018 to 54% (up from 49% in 2017). In-store will be “stealing share” from online and undecided spend

• Planned use of digital platforms for B2C are down or flat to last year, with highest planned usage to lookup prices and discounts; B2C shoppers may be signaling a desire for innovation in digital usage for their shopping experience

• Survey results show overall parent B2C spend is flat, however, some categories may experience sizable growth including Dorm/apartment furniture (+17 percent) and Electronic Gadgets (+14 percent)

Despite ongoing digital hype, in-store sales are expected to lead the way

• Over 80 percent of parents expect to collaborate with their students on budgeting and shopping for B2C

• Income matters when it comes to B2C funding: lower income households expect higher student funding whereas higher income households see almost 2x the number of students using the family credit card

• 80 percent of parents plan to spend more than half of the total B2C spend, and only 7 percent of parents expect their students to contribute more than 75 percent of the spend

While parents tend to pay, students heavily influence spending

• Mass merchants and on-campus book stores are most preferred formats, followed by a number of price-based retailers formats

• Low-income households have a preference for price-based formats (e.g., dollar stores) while higher income groups prefer premium formats (e.g., department stores)

• Shoppers from high-income households plan to spend the most across all categories

Customer's format preference vary notably by household income and product category

Survey findings


Spend by parents during back-to-college (B2C) shopping season expected to reach $25.5 billion in 2018

B2C shopping season touches…

19 Million college students*

$25.5 Billion in parent spend^

$1,330 Avg. spend by parents#

7k+ Educational institutions**

* Number of students enrolled in Under-graduate and Graduate courses as of October 2016 [Source: US Current Population Survey 2017]** Post-secondary Title IV educational institutions [Source: National Center for Education Statistics (NCES) 2016]# Planned average spend by parents on college related items during back-to-college season [Source: Deloitte survey]^ Deloitte calculations on back-to-college market spend ($25.5 billion) [Source: Deloitte survey and US Current Population Survey 2017]Note: Sample size (N) = 1,025


Back-to-college planned shopping is lead by the college supplies category, which makes up ~1/3 of budgeted parent spend

B2C 2018 ― Estimated market spend by category

Source: Deloitte calculations on back-to-college market spend ($25.5 billion) [Source: Deloitte survey and US Current Population Survey 2017]Note: Sample size (N) = 1,025*Electronic gadgets include cell phones/smart phones, tablet/e-reader, and wearable devices

College supplies

$8.2B

Clothing & accessories

$4.2B

$25.5Best. market size

Computers & hardware

$4.4B

Dorm/apartment furniture & supplies

$3.5B

Household appliances & supplies

$3.0B

Electronic gadgets & digital subscriptions*

$2.2B


Average 2018 B2C spend by parents likely to remain flat at $1,330 compared to $1,347 in 2017

National Avg. B2C spend by parents:

$1,330 Northeast

West

South

Midwest

20% $1,310

% of total B2C spend by parents Avg. B2C spend by parents

22% $1,260

36% $1,307

21% $1,483

Source: Deloitte surveyNote: Average spend based on shoppers from each region – South (n = 378), Northeast (n = 194), Midwest (n = 242), and West (n = 211).


Income level provides a notable influence on funding for B2C shopping, shopping influencers, and economic outlook

Low-income(Less than $50k)

Middle-income($50k-$99k)

High-income($100k+)

B2C purchase influence

Shopping – Funded by familyStudents to use parent’s/family’s household credit card

19% 30% 42%

Shopping – Funded by studentStudent will fund their own purchase 39% 37% 30%

Student influenceMore than half of B2C spend is influenced by students

60% 68% 73%

Economic focus

Deal focusedPlan to shop at different points throughout the summer to

take advantage of deals75% 72% 63%

Economic optimismMore confident about the US economy’s prospects now

(June 2018), than they were at the end of 201727% 43% 50%

Household financial stabilityHousehold's financial situation today is better than it was

a year ago16% 25% 33%

Digital usage

Laptop computerUse or plan to use laptop computer for B2C shopping

47% 52% 55%

SmartphoneUse or plan to use smartphone for B2C shopping 53% 42% 38%

Source: Deloitte surveyNote: Sample size - Low-income (n = 397), Middle-income (n = 315), High-income (n = 313)

Consumer spending trends


While planned B2C spend ranks college supplies as highest in demand, parents plan to spend more on computers & hardware

Average spend planned by parents (2018): $1,330

Source: Deloitte surveyNote: Sample size (N) = 1,025Avg. spend is calculated only for the respondents who plan to purchase at least one item from the above mentioned category

By category

34% plan to buy


Avg. spend $674

32% plan to buy

Electronic gadgets & digital subscriptions

Avg. spend $357

89% plan to buy

College supplies

Avg. spend $479

78% plan to buy


Avg. spend $279

68% plan to buy


Avg. spend $226

50% plan to buy


Avg. spend $366

32% Share of B2C spend 16% Share of B2C spend 12% Share of B2C spend

14% Share of B2C spend 17% Share of B2C spend 9% Share of B2C spend


Electronics gadgets, household appliances, and dorm/apartment furniture are likely to see significant increases in avg. B2C spend

Note: Sample size (N) = 1,025; Avg. spend is calculated only for the respondents who plan to purchase at least one item from the above mentioned category* Spending share of ‘Other’ category not shown.

Average spend

2018

$279

$479

$674

$357

$226

$366

Avg. spend planned by category*

Category


College supplies





Average spend

$291

$505

$648

$314

$205

$312

2017

Change (%)

YoY

-4%

-5%

+4%

+14%

+10%

+17%


College supplies

Clothes/shoes

Personal care, beauty, bathing items

Dorm accessories and supplies

Backpack or book bag

Kitchen and dining supplies

College-branded gear or supplies

Dorm furniture

Digital subscriptions

Voice and data phone plans

Television

Luggage

Jewelry/handbag/personal accessories

Computer

Printer or other computer hardware

Cell phone/smart phone

Computer software/small accessories

Tablet, e-reader

Wearable device

Game console

College supplies, clothes/shoes and personal care products are likely the highest categories in demand

2%

4%

5%

15%

12%

18%

28%

7%

7%

10%

12%

13%

16%

28%

30%

41%

45%

63%

78%

82%

48%

of parents plan

to spend on

tech products

2%

3%

6%

11%

13%

14%

25%

6%

6%

11%

11%

11%

17%

27%

28%

42%

48%

59%

78%

83%

2017 2018B2C items

Source: Deloitte surveyNote: Sample size (N)= 1,025; #multi-select question

41%

of parents plan

to spend on

tech products

Surprisingly, the percent of parents planning to purchase tech products decreased from 48% to 41%, driven mostly by lower planned peripheral HW/SW/accessories purchases

Tech products

Other products

“Please select the products you plan to purchase for your student#”


$5.6B is up for grabs. Shoppers likely to be undecided on where they will spend 22% of their budget: online or in-store

In-store is expected account for more than half of B2C shopping spend…

Source: Deloitte surveyNote: Sample size (N) = 1,025

B2C spending by channel

Average B2C spend in 2018: $1,330

Average spend: $716

Share of total spend: 54%In-store

Online

Average spend: $325

Share of total spend: 24%

*Undecided (In-store or Online)

Undecided* ?Average spend: $289

Share of total spend: 22%

$13.8

Billion

$6.1

Billion

$5.6

Billion

Market size


12%

17%

18%

28%

32%

38%

65%

59%

55%

43%

40%

41%

23%

24%

27%

29%

28%

21%

13%

17%

18%

31%

28%

34%

65%

64%

61%

48%

48%

42%

22%

19%

21%

21%

24%

24%






College supplies

In-StoreOnline Undecided (Online/In-store)Source: Deloitte surveySample size (N) = 1,025

…And is likely to be in prominence. In-store sales are projected to grow in 2018, as a smaller percent of shopper are undecided

Category

The share of in-store is expected to increase in 2018 for all the categories except Household appliances & supplies

2017 2018


Channel indecisiveness likely to vary with income level; low-income shoppers are undecided for 31% of planned spend

48%

55%

58%

54%

21%

26%

26%

24%

31%

19%

16%

22%

Low-income(Less than $50k)

Middle-income($50k-$99k)

High-income($100k+)

Overall

In-store Online Undecided

Three-fourths of low-income households plan to shop at different points during the summer to take advantage of deals; hence, might delay their shopping channel decisions

Source: Deloitte surveyNote: Sample size (N)= 1,025

Share of B2C spending by channel

B2C season timing


Early shoppers plan to spend 35%, equivalent to $377, more than those who start later in the season

7 in 10 parents plan to begin B2C shopping early in the season

SeptemberEarlier than July

17%

Earl

y in J

uly

22%

Late

r in

July

29%

Earl

y in A

ugust

25%

Late

r in

August

5%

2%

68% plan to begin shopping before August

(Average spend = $1,451)

$1,719 $1,451 $1,292 $1,090 $904 $1,279Average

spend

32% plan to begin shopping in August or later

(Average spend = $1,074)#

Source: Deloitte surveyQuestion: “When does your household plan to begin its back-to-college shopping?”#October which accounted for 0.3% of respondents (n=3) with avg. spend $1,753 is not shown in the chart above.Note: Sample size (N) = 1,025

July August


$14B of B2C spend (50%) likely to take place in the one month period of Late July to Early August

B2C shopping periods by traffic and total spend

80% of all back-to-college shoppers are expected to be active in this period, making it the busiest time of the B2C season

Question: “Out of $__ you plan to spend on back-to-college shopping, how much do you plan to spend during the following periods?”Note: Sample size (N) = 1,025

16%

34%

57%

66%

34%

8%

Earlier than July Early in July

(first 2 weeks)

Later in July

(last 2 weeks)

Early in August

(first 2 weeks)

Later in August

(last 2 weeks)

September

$2.5B $4.5B $6.7B $7.4B $3.4B $1.0B

$ BTotal B2C spend (out of $25.5B)during noted period

% of active B2C shoppers during noted period

All categories are likely to experience peak sales in early August except for Computers & hardware, which is likely to experience peak shopping in late July


Home electronics, furnishings, and warehouse stores likely to witness peak shopper activity 2 weeks earlier than other retail formats

Retail formatEarlier than

JulyEarly in July (first 2 weeks)

Later in July (last 2 weeks)

Early in August (first 2 weeks)

Later in August (last 2 weeks)

September

Mass merchants 15% 32% 60% 73% 37% 9%

Bookstores# 14% 29% 53% 66% 34% 7%

Online only 15% 30% 54% 64% 36% 10%

Home electronics 28% 51% 73% 62% 36% 8%

Off-price stores 15% 29% 53% 68% 32% 6%

Department stores 23% 39% 52% 61% 19% 3%

Fast fashion* 10% 45% 59% 72% 21% 7%

Office supply/technology stores*

17% 39% 61% 65% 39% 4%

Home furnishings/housewares stores*

29% 67% 76% 43% 24% 5%

Warehouse membership clubs*

26% 47% 58% 58% 26% 5%

B2C shopper activity by period across top 10 retail formats

* Sample size at overall level less than 30 # includes both On-campus and off-campus storesQuestion: (1) At which type of retailer do you anticipate spending the most money this back-to-college shopping season?Question: (2) Out of $______ you plan to spend on back-to-college shopping, how much do you plan to spend during the following months?Note: Sample size (includes only respondents who plan to spend the most money at the above mentioned retail format)


Early shoppers are most likely to be parents of first-time college students, seeking best deals for big-ticket items

Early shoppers – Those who start shopping before AugustLate shoppers – Those who start shopping in August or laterSource: Deloitte surveyNote: Sample size - Early shoppers n=695, Late shoppers n=330

Early shoppers

Avg. spend: $1,451Late shoppers

Avg. spend: $1,074B2C Shoppers

Parents having at least one student entering college this fall as freshmen

Expect to find the best back-to-college deals early in the season

Plan to shop at different points throughout the summer to take advantage of deals

Share of dorm/apartment furniture & supplies in total B2C budget

Share of computers & hardware in total B2C budget

40%

37%

77%

15%

19%

26%

24%

57%

10%

12%

Shopping behavior


59% of shoppers plan to make a purchase using desktop/laptop while only 42% plan to do so using mobile

Usage of digital platforms for B2C likely to be down or flat to last year, with highest usage to find prices and discounts

Source: Deloitte surveyNote: Sample size (N) = 1,025; # Multi-select question

Digital Connection% of total shoppers

Top Uses

Mo

bil

eD

eskto

p/

lap

top

Socia

l

69%(80% in 2017)

45%(44% in 2017)

13%(18% in 2017)

61%

59%

47%

43%

53%

53%

42%

41%

60%

58%

55%

52%

Get price information

Make a purchase

Compare to similar products

Get product information

Get price information

Collect discounts, coupons, sale

information

Make a purchase

Access a mobile shopping app

Receive a coupon

Find info on promotions/view ads

Browse products

Read reviews/recommendations


Free shipping appears to remain the leading factor while selecting online retailer during B2C season

“Please indicate your level of agreement with the following statements (% who agree or somewhat agree)”

Source: Deloitte surveyNote: Sample size (N) = 1,025

75%

47%

40%

39%

More likely to purchase from online retailers who offer free

shipping

Purchase from those retailers that offer an option to buy

online and return to store

Purchase from those retailers that offer an option to buyonline and pick-up in-store

Prefer loyalty programs that provide faster or cheaper

shipping more than product discounts while shopping

online

Free shipping

Buy online, return to store

Buy online, pick up in-store

Loyalty program with shipping options

45%

42%

53%

78%

Preferences while shopping online

2017 responses

Role of student


The majority of parents expect to be highly collaborative in budgeting and shopping, leading to high student influence

4%

6%

8%

4%

9%

69%

I decide on the budget and

shop on my own

I decide on the budget, my

student shops alone

My student(s) set the budget

and shop on their own

I discuss budgeting with my

student(s), but shop alone

My student(s) set the budget

and we shop together

I discuss budgeting and shop

with my student(s)

Source: Deloitte surveySample size (N) = 1,009 (Re-based to exclude ‘others’)

Which of the following best describes your approach for back-to-college shopping?

Parents – Decision making

Fewer than 20% of respondents expect that they or their students will shop alone

82%Plan to collaborate with

their students during

B2C shopping

18%of parents expect the B2C

season to be planned and

shopped separately


8 out of 10 parents expect their students to contribute less than 50% to their B2C shopping budget

Source: Deloitte surveyNote: Sample size (N) = 1,025.

2%

17%

22% 22%

19%

11%

5%

2%

Uncertain 0% 1-10% 11-25% 26-50% 51-75% 76-99% 100%

“Considering your student’s budget requirements for back-to-college shopping, what percentage will your student likely contribute?”

Only 18%of parents expect their kids to

contribute more than half of budget

80%of parents plan to spend more than

half of the total B2C spend

Students likely contribution to B2C shopping according to parents


$495

$281 $264

$407

$764

$373

$470

$278

$205

$340

$569

$348

Shoppers with at least one Freshmen

student

Other shoppers

Parents with freshmen students are likely to spend more than other shoppers, especially on computers & hardware


Electronic gadgets & digital

subscriptions

College supplies


Household appliances &

supplies

Dorm/apartment furniture &

supplies

Source: Deloitte surveyNote: Survey sample size (N)= 1,025

Parents of freshmen students vs other shoppers – Avg. B2C spend by category ($)

Product category and retail formats


Overall rank

Low-income

Middle-income

High-income

1 1 1 1

2 2 2 2

3 4 3 3

4 3 9 15

5 5 5 7

6 7 4 6

7 7 6 9

8 5 12 10

9 12 7 5

10 13 8 4

11 10 9 8

12 11 11 12

13 14 13 11

14 15 14 14

15 9 16 16

16 16 15 13

17 17 17 17

18 19 18 18

19 19 18 20

20 18 20 18

Mass merchants and on-campus book stores are most preferred formats, followed by a number of price-based retailers

“In what types of retail environments do you plan to do your Back-to-College shopping? #”

Source: Deloitte survey Sample size (N) = 1,025; # Multi-select question

4%

4%

4%

7%

16%

17%

18%

21%

24%

26%

26%

27%

27%

29%

30%

31%

32%

51%

61%

75%

Retailer’s mobile apps

Pop-up retail stores on college campus

Catalogs

Specialty clothing stores

Home furnishings and housewares stores

Consignment shops/thrift stores

Retailer’s websites

Supermarkets

Drug stores

Home electronics stores

Warehouse membership clubs

Traditional department stores

Bookstores (Off-campus)

Fast fashion apparel retailers

Office supply/technology stores

Off-price stores

Dollar stores

Online only retailers

Bookstores (On-campus)

Mass merchants

Format preferred by

low-income group

Format preferred by

high-income group

Low income households have a preference for price based formats (e.g., dollar stores) while higher income groups prefer premium formats (e.g., warehouse clubs, department stores)


$534

$324

$246

$415

$783

$394

$497

$282

$227

$365

$722

$383

$420

$242 $207

$319

$555

$301

$479

$279

$226

$366

$674

$357

High-Income ($100k+)

Medium-Income ($50k-$99k)

Low-Income (Less than $50k)

Overall

Shoppers from high-income households likely to spend the most across all B2C product categories


Electronic gadgets & digital

subscriptions

College supplies


Household appliances &

supplies

Dorm/apartment furniture &

supplies

Note: Survey sample size (N) = 1,025Avg. spend is calculated only for the respondents who plan to purchase at least one item from the above mentioned category

The average spend gap between low-income and high-income groups is most stark in computers & hardware


15%

21%

28%

20%

6% 6%

23%

26%

22%

16%

7%

2%

36%

20%

13%

19%

6%

3%

25%

22%20%

18%

6%

4%

Mass merchants Fast fashion Department stores

Off-price stores Online only* Specialty clothing stores*

While low-income HHs prefer mass merchants, middle- and high-income shoppers are plan to shop across categories, with small tendencies to fast fashion and dep’t stores respectively

Retail format preferences for clothing vary significantly by household incomes

Preferred retail formats for Clothing & accessories – By income

* Sample size at household income-level has fewer than 30 respondents; # Sample size at overall level has fewer than 30 respondentsQuestion: (1) “Which type of retailer will you shop the most for clothing and accessories during this back-to-college season?”Question: (2) “For the following categories, please indicate the total amount you estimate you will spend during back-to-college shopping season?”Note: Sample size – High-income (n = 341), Middle-income (n = 248), Low-income (n = 308), Overall (n = 797)

$235 $300 $313 $276 $271 $363#

High-income

($100K+)

Middle-income

($50K – $99K)

Low-income

(Less than $50K)

Avg. category spend

by preferred retail format

Full category

average


46%

13%

22%

5%8%

41%

23% 24%

7%

1%

42%

28%

15%

7%

4%

43%

22%20%

7%4%

Other than home electronic stores, low-income shoppers are more disposed to shop at mass merchants, while higher income groups are likely to opt for online-only retailers

For digital product categories, home electronic stores are a clear preference both in intended visits and budgeted spend

Preferred retail formats for ‘Electronic gadgets/computers & hardware’ – By income

* Sample size at household income-level has fewer than 30 respondents; # Sample size at overall level has fewer than 30 respondentsQuestion: (1) “Which type of retailer will you shop the most for ‘Electronic gadgets/Computers & hardware’ during this back-to-college season?”Question: (2) “For the following categories, please indicate the total amount you estimate you will spend during back-to-college shopping season?”Note: Sample size – High-income (n = 172), Middle-income (n = 148), Low-income (n = 193), Overall (n = 513)

Home electronic stores

Mass merchants Online only Office supply/ technology stores*

Warehouse membership clubs*

High-income

($100K+)

Middle-income

($50K – $99K)

Low-income

(Less than $50K)

Avg. category spend


Full category

average

$784 $477 $612 $701 $778#


59%

18%

14%

1%3%

62%

18%

9%

4% 3%

64%

14%

8%10%

2%

62%

17%

10%5%

3%

Nearly two-thirds of B2C shoppers prefer mass merchants for college supplies shopping; there are small trends by income to other formats for the remaining 1/3 of this category

Mass merchants likely to hold clear lead over other retail formats when it comes to college supplies

Preferred retail formats for ‘College supplies’ – By income

* Sample size at household income-level has fewer than 30 respondents; # Sample size at overall level has fewer than 30 respondentsQuestion: (1) “Which type of retailer will you shop the most for college supplies during this back-to-college season?”Question: (2) “For the following categories, please indicate the total amount you estimate you will spend during back-to-college shopping season?”Note: Sample size – High-income (n = 288), Middle-income (n = 279), Low-income (n = 350), Overall (n = 917)

Mass merchants Office supply/ technology stores

Online only* Dollar stores* Warehouse membership clubs*

High-income

($100K+)

Middle-income

($50K – $99K)

Low-income

(Less than $50K)

Avg. category spend


Full category

average

$464 $548 $508 $283 $650#


63%

13%9% 7%

4%0%

65%

12%

6%3% 5%

3%

63%

9% 8%4%

1%

6%

64%

11%8%

5% 3% 3%

Conventional formats for furniture and household supplies – warehouse clubs and home furnishing/houseware stores – likely to lag way behind mass merchants in preference

Dominance of mass merchants as the most preferred format for furniture and household supplies holds across income levels

Preferred retail formats for ‘Dorm furniture/household appliances & supplies’ – By income

* Sample size at household income-level has fewer than 30 respondents; # Sample size at overall level has fewer than 30 respondentsQuestion: (1) “Which type of retailer will you shop the most for ‘Dorm/Apartment furniture & supplies’ and ‘Household appliances & supplies’ during this back-to-college season?”Question: (2) “For the following categories, please indicate the total amount you estimate you will spend during back-to-college shopping season?”Note: Sample size – High-income (n = 243), Middle-income (n = 232), Low-income (n = 289), Overall (n = 764)

Mass merchants Off-price stores Online only* Warehouse membership

clubs*

Home furnishings and housewares*

Dollar stores*

High-income

($100K+)

Middle-income

($50K – $99K)

Low-income

(Less than $50K)

Avg. category spend


Full category

average

$406 $580 $448 $619 $822# $266#


About the survey

Survey timing: May 31 to June 13, 2018

Sample:. The survey polled a sample of 1,025 parents with college-going children with respondents having at least one child attending college in Undergraduate or Graduate courses this fall

Methodology: The survey was conducted online using an independent research panel

Demographics

Income group (N=1,025):

• Low-income – Household income less than $50,000 (n=397)

• Middle-income – Household income between $50,000 and $99,999 (n=315)

• High-income – Household income $100,000 and more (n=313)

Region (N=1,025):

• West: (n=211)

• Midwest: (n=242)

• South: (n=378)

• Northeast: (n=194)


About the survey

This annual Deloitte survey was conducted online using an independent research panel between May 31 – June 13, 2018. The survey polled a sample of 1,025 parents with college-going children and has a margin of error for the entire sample of plus or minus three percentage points.

Deloitte Center for Industry Insights

The Deloitte Center for Industry Insights is the research division of Deloitte LLP’s Consumer and Industrial Products practices. The center’s goal is to inform stakeholders of critical business issues, including emerging trends, challenges and opportunities. Using primary research and rigorous analysis, the center provides unique perspectives and seeks to be a trusted source for relevant, timely and reliable insights.

This publication contains general information only and Deloitte is not, by means of this publication, rendering accounting, business, financial, investment, legal, tax, or other professional advice or services. This publication is not a substitute for such professional advice or services, nor should it be used as a basis for any decision or action that may affect your business. Before making any decision or taking any action that may affect your business, you should consult a qualified professional advisor.Deloitte shall not be responsible for any loss sustained by any person who relies on this publication.

About DeloitteDeloitte refers to one or more of Deloitte Touche Tohmatsu Limited, a UK private company limited by guarantee (“DTTL”), its network of member firms, and their related entities. DTTL and each of its member firms are legally separate and independent entities. DTTL (also referred to as “Deloitte Global”) does not provide services to clients. In the United States, Deloitte refers to one or more of the US member firms of DTTL, their related entities that operate using the “Deloitte” name in the United States and their respective affiliates. Certain services may not be available to attest clients under the rules and regulations of public accounting. Please see www.deloitte.com/about to learn more about our global network of member firms.

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Documents

2018 back-to-college survey - Deloitte United States...Deloitte’s 2018 back-to-college survey • Parent’s back-to-college spending is expected to reach $25.5B, or $1,330 per household,