CLEVELAND, Sept. 27, 2016 /PRNewswire/ -- Household spending on day care and nursery education services is projected to rise 4.6% annually to $16.0 billion in 2020. Expansion in the population younger than five years, boosted by growth in the prime child-bearing cohort aged 25-34 years, will drive advances.
These findings are featured in Education: United States, a report recently released by Freedonia Focus Reports, a division of The Freedonia Group.
Employment & Debt Stimulate Spending
Economic expansion is expected to drive hiring and enable more parents to work, boosting demand for educational day care services. Simultaneously, increasing debt loads – particularly student loan debt tied to higher education – and middling wage growth will continue to push more households into a dual-income posture, forcing an increasing number of parents to rely on service providers for early childhood care.
The full report, Education: United States, forecasts US consumer spending on education services in nominal and real (inflation-adjusted) US dollars to 2020. Government spending on elementary and secondary school instruction in real dollars and select US demographic segments are also forecast to 2020. Total spending is segmented by service in terms of:
- proprietary and public higher education
- nonprofit private higher education
- elementary and secondary
- day care and nursery
- commercial and vocational.
This report includes the expenditures of individuals and nonprofit institutions that primarily serve individuals. Spending subsidized by third parties, including the government, is also included. Homeschooling, in which the substantive instruction and training is provided by a non-institutional entity such as a parent or guardian, is excluded. This report excludes spending on education-related goods, as well as spending by US citizens on education in foreign countries. Spending by foreign citizens on education in the US is included.
To illustrate historical trends, total spending and the various segments are provided in annual series from 2005 to 2015.
Please link any media or news references to our reports or data back to www.freedoniagroup.com.
About Freedonia Focus Reports
Each month, The Freedonia Group – a division of MarketResearch.com – publishes over 20 new or updated Freedonia Focus Reports, providing fresh, unbiased analysis on a wide variety of markets and industries. Published in 20-30 pages, Focus Report coverage ranges from raw materials to finished manufactured goods and related services such as freight and construction. Analysis is intended to guide the busy reader through pertinent topics in rapid succession, including:
- total historical market size and industry output
- segmentation by products and markets
- identification of market drivers, constraints, and key indicators
- segment-by-segment outlook in five-year forecasts
- a survey of the supply base
- suggested resources for further study.
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SOURCE The Freedonia Group