Back-to-school spending will reach a new record this year, with families with school-age children expected to spend a total of $37.1 billion, up from $33.9 billion last year, according to NRF's annual survey conducted with Prosper Insights & Analytics. Families shopping for kids in kindergarten through high school will spend $848.90 on average, the survey found.

The average family with school-age children had finished 48% of its back-to-school shopping by early August, down a bit from the same time last year, according to a survey from NRF and Prosper Insights & Analytics. "It is evident that many families are still considering price and value when shopping for their back-to-school and college needs," NRF President and CEO Matthew Shay said.

Almost three-quarters of back-to-school shoppers will start spending a month or two before the start of the semester, and collectively the group is expected to spend $75.8 billion in stores and online, according to a survey from NRF and Prosper Insights & Analytics. A growing number of millennials are parents of school-age children, a trend that's giving sales forecasts a boost.

Malls are increasingly filling former department store spaces with new types of tenants such as sporting goods and fast-fashion retailers, supermarkets, gyms and restaurants. Mall operators including General Growth Properties, Simon Property Group and CBL & Associates find that these new retailers deliver just as much business as the old-school mall anchors did.

About 54% of parents with school-age kids and 37% with college-age students expect to spend about the same as they did last year on back-to-school shopping, according to a survey from NRF and Prosper Insights & Analytics. Frugality is top of mind with 30% who say they will shop sales, 28% who will use more coupons, 25% who will use circulars to seek out deals and 28% who plan to buy more store brands.