Summer is going quick… not quick enough for most parents, but of course, way to fast for the kids who are enjoying laying on the couch watching movies, lounging by the pool and sleeping late.

The National Retail Federation has just released its second biggest consumer spending report of the year, which shows expected spending for back-to-school and college will increase this year.

According to the 2012 survey, conducted by BIGinsight:

• Parents with children in grades K-12 will spend an average of $688.62 for back-to-school, up from $603.63 last year.
• The jump in spending for college students and their families is even higher, with an average spend of $907.22 on everything from dorm furniture and collegiate gear to school supplies and personal care items, up from $808.71 in 2011.
• Eight out of 10 shoppers with school-aged children say the economy will impact their spending plans in some way, with more people planning to shop for sales more often and cut back on their children’s extracurricular activities.
• More shoppers will also be heading online to save a little dough, with three in 10 leveraging the Internet to compare products.
• Additionally, online-only back-to-school shoppers expect to spend 27% more than their offline shopping counterparts.

 “When it comes to their children, there’s nothing more important to a parent than making sure their children have everything they need, even in a tough economy—and especially when it comes to back-to-school shopping,” said NRF President and CEO Matthew Shay. “Backpacks rip, pencils break, and children grow, there’s no way around it, but as they begin tackling their shopping lists, parents will make sure to spend smarter than they ever have before.”

Not surprising, parents will spend the most on clothing, accessories and electronics this summer.

Realistic about the cost of select items and the necessities needed for the school year, parents estimate they will spend an average of $246.10 on clothes and $217.88 on electronics. Nearly six in 10 (59.6%) will invest in some sort of electronic device, a sharp increase from the 51.9 percent who planned to do so last year.

What about you? What’s going to be your number one back-to-school purchase? And will you be spending the “average” this year?