Raleigh, NC, August 01, 2012 --(PR.com
)-- The North Carolina Retail Merchants Association (NCRMA) (http://www.ncrma.org/) expects an increase in consumer participation for the 10th Annual Sales Tax Holiday beginning this Friday, Aug. 3 at 12:01 a.m. and ending Sunday, Aug. 5 at 11:59 p.m.
NCRMA expects an increase in consumer participation for Sales Tax Holiday as the event kicks off the back-to-school shopping season. The weekend is popular among North Carolina consumers because it provides a tax break as they make necessary purchases for school or college. NCRMA and state legislators initiated the Sales Tax Holiday to encourage North Carolina residents to buy from in-state retailers during the second busiest shopping season of the year. The state of North Carolina also benefits from the holiday weekend though sales tax on ancillary purchases, sales from taxable items and increased payroll taxes.
According to a 2012 back-to-school spending survey conducted by BIGinsight for national retail trade associations, the average person with children in grades K-12 will spend $688.62 on their children this summer, with most purchases going to clothing, accessories and electronics.
These increased purchasing patterns during the summer are also reflected in the weeks leading up to the beginning of the school year. This August, parents around the country will spend more for notebooks, backpacks and other necessary supplies.
Another study done by the International Council of Shopping Centers (ICSC) showed that households will spend 42 percent more on back-to-school items this summer compared to 2011. Some 44 percent of respondents said they would spend the same as last year, and only 14 percent indicated that they would spend less. Approximately 83 percent of the respondents said they will support discount stores.
For more information on the Sales Tax Holiday, visit http://www.ncrma.org/ or contact NCRMA at (919) 832-0811.
“As parents begin preparing their children for school during a down economy, we expect a large turnout of shoppers during the Sales Tax Holiday weekend,” said Andy Ellen, NCRMA’s president and general counsel. “We think the majority of parents will take full advantage of this tax-free weekend to make the necessary purchases of school supplies and clothing items to send their children back to school.”
“In 2002, the state legislature enabled us to compete with the loss of sales to South Carolina, who implemented a Sales Tax Holiday in their state prior to North Carolina, by enacting a similar piece of legislation,” said Murchison Biggs, secretary-treasurer at Biggs Park Mall in Lumberton, N.C. “The holiday has produced positive gains for our local brick-and-mortar merchants who support the community in Lumberton, and helps level the playing field with internet retailers who collect no sales tax. This special weekend of savings has given a boost to the local retail industry, which is the No. 1 private employer in North Carolina, and more importantly has provided needed savings to the families who are equipping their kids for another educational year.”
“Tanger Outlets looks forward to North Carolina’s Sales Tax Holiday each year,” said Quentin Pell, Tanger Outlet Centers, Inc. director of public relations and communications. “While the majority of our tenants are selling merchandise that is already value-priced, this weekend in which certain back-to-school items are tax-free helps too. This weekend has become the second largest shopping weekend after Black Friday, but in particular, it provides a much needed tax break to help consumers stretch their money even further.”
The North Carolina Retail Merchants Association (NCRMA), a nonprofit trade association, was organized in 1902 to improve the business climate for retailers in North Carolina. Now, more than 100 years later, NCRMA is the voice of the retail industry in North Carolina. NCRMA represents the interests of individual merchants before the General Assembly and serves as a vital link to state government. Its credibility lies in its longevity and commitment to serving the ever-changing needs of its members. The Association’s membership includes more than 25,000 stores from across the state whose businesses represent 75 percent of North Carolina’s retail sales volume. NCRMA serves both large and small retailers from multi-state chains to local “Mom and Pops,” and all types of merchants including antique, apparel, art, automotive, book, carpet, department, drug, electronics, floral, furniture, grocery, hardware, jewelry, paint and variety stores. For more information, visit http://www.ncrma.org/.
MMI Public Relations