Back-to-school shopping is well underway and Americans are splurging record amounts, according to a new study.

The National Retail Foundation projects the category will hit an all-time high of $146.8 billion in 2026 on electronics, clothing and accessories for the classroom along with dorm or apartment furnishings for college students.

The record figure breaks down to $103.5 billion on college supplies and $43.3 billion on K-12 items.

Yet even with this billion-dollar tally, the average shopper plans to save as much money as they can, according to a new poll.

Some 62 percent of consumers had already started shopping for school supplies and clothes by early July, found the survey from the National Retail Federation.

Yet nearly half (46 percent) had held off on most of their spending to find better deals.

“Affordability is a concern for families and a top priority for retailers as we enter the back-to-school season,” Executive Director of Research Mark Mathews said. “Shoppers are keeping value front and center as they look for ways to make their dollars go further.”

Amazon Prime Day, Walmart Deals and Target Circle Deal Days were key June sale events that drew back-to-school shoppers, the study noted.

The trend of record consumer spending tied to a search for savings has emerged across the retail world over the past year. Shoppers have shown a willingness to spend money if they believe they’re cashing in on a good deal.

Jeff Siemon, vice president of investor relations for popular cereal manufacturer General Mills, said during a December earnings call that “consumers, when there’s a discount, we see them buying more because they’re financially strained.”

That strain is being felt across income levels. People earning more than $100,000 have a tendency to swap out their usual grocery stores for discount stores such as Dollar General when gas prices pass $4, Dollar General CEO Todd Vasos said in a June earnings call.

Gas prices surged past $4 in early March after President Donald Trump attacked Iran, and drivers only got relief from the $4 threshold in mid-June. That relief was short-lived, as prices eclipsed $4 again on Monday in the wake of American escalation in Iran.

The nationwide pinch felt from March to June led to consumer confidence hitting an all-time low in May before ticking up in June.