hi, everyone. welcome to "on the money." i'm becky quick. we'll have back to school sticker shock. and we'll talk to the woman who runs the u.s. open. food for thought, whether your tastes come on a stick or old fashioned, we have food from the state fair. "on the money" starts right now. don't look now, but millions of american kids are heading back to school. that means millions of parents are opening their wallets and

pocketbooks big time. american families are expected to spend $68 million to get their kids ready for class and college. overall spending it down. it's all part of back to school sticker shock, that's our cover story for today. >> getting ready for the first day of school often requires shopping for new notebooks, pencils, and clothing. the average spending it down nearly 40 dollars. part of the reason, parents are seeing what kids really need. consumers are spending less on traditional retail. here is what terri lundgrin has to say. >> we're seeing that the consumer didn't shop in our categories to the degree that we thought they would. >> consumers are still ed

spending in other places. auto sales rose over 5%. it is a a different story for back to school though. it is expected to decrease 7%. parents still have a to buy clothing, shoes, and things like lunchboxes. so how do you navigate and afford what they really need. matthew shaw is the national retail ceo. and jim accommando. >> do kids need more than we did when we went back to school? >> yeah, i think there is a lot of electronics. as it relates to clothes, it is more designer clothes. names like vineyard vines and

burkenstock. for electronics, that's the name of the game now. it's not pencils and erasers. >> why do you think that is especially with gas prices lower. this is trend we have been tracking for about 15 years. the back to school season is more of a needs based. if you need the notebook and the electronics, you go get them, if you don't need them you don't go buy them over and over and over again. so every second or third year we see a spike as people have to replenish. and then they spike again. we that a big year last year. we'll be down a little this year, 68 billion it is the second largest holiday shopping period of the entire season after the end of the year

christmas sales. i think it cycles based on the kids and what they need. some of it is based on technology. some of it is driven to promotional activity. if you have block buster movie or a sport team that could drive a purchase that is not a replenishment. >> how do you determine what kids need and what they want. >> i would recommend joining the pta it is a great collaborative group. interact with the teachers, the principals, the school board, the community, and with that collaborative effort, you get a

list of what the students. go and log on and all the way through senior year and high school. and a lot of schools through the pta and the principals, they can provide what your child needs through first grade, middle school, or high school. but i suggest you show up early. it is $79 for the early birds, and $139 for a pink one that is remaining last on the shelf. >> i feel like if i get a bargain that retailers get nervous. >> well, we're seeing many states have the sales tax holidays for back to school. that has been pushed to later in the year. we're seeing some folks hold back up to this point. i think our most recent field survey indicated folks completed

their back to school shopping. people will wait for the tax holiday or because they think there is a deal. people are shopping kind of year round. so once upon a time the kids were all on the same calendar. now people are buying throughout the year. so about a third of the folks say they buy year round for back to school to look for bargains when ever they need them. you don't always need the thing in august, but if you need it in january, you go buy it in january. >> who are the winners going to be? the department stores in the apparel companies? >> what we're seeing across the economy people are trading down. there is a big drive to value.

people are very price conscious. people are spending more, and i think we will see more in multiple categories. people look for the real bargains, and there is also a place for the apparel department stores to play on the exclusivity they have. back to the entertainment, sports, or whatever you have with the producer and supplier. i think that creates momentum in those categories. >> thank you, it was good to see you. >> thank you. as we go into a new week "on the money" a brutal week for stocks. their worst day in over a year on thursday with the do you falling more than 2%. 358 points. the s&p tumbled more than 2% as

well with the markets worried about when the federal reserve will actually raise interest rates. minutes from the federal reserve meeting dntt help at all. janet yellin gave few clues about when they could raise the races. good news among the kbloom, home buying up for the third month in a row, and sales accelerated to their fastest pace in five years. up next, we're on the money. following the bouncing ball. the big business of tennis and how it can be a grand slam when it comes to a local economy. later, fair play. fried and a cash cow. here is a look at how the stock market ended the week.

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if you are a tennis fan, this is the time of year you're having a ball. the u.s. open gets under way on august 3 1st and it is big bucks and big fun. katrina adams is here to tell us about the $6 billion tennis economy. it is great to have you here today. >> great to be here. >> what do you think is different about the game and the tour now versus that? >> i think it is more about entertainment on the court. for the women in particular and for the fan. the fan is totally engaged. it is more innovative and exciting overall. >> we think about tennis, i washed for a long time. when you think about u.s. tennis

players these days, obviously will you have serena williams at the top of the game. after that it is hard to think about americans that are in the same ranks as they used to be. >> i think we have a lot of players, you look at madison keys. we have a lot of women coming, and on the men's side i think it was exciting with our younger players, particularly with our teenagers. the finalist at the french open juniors. and the junior wimbledon championship. when you look at the young men winning, so many that will be emerging in the next couple years. >> i know there is a huge focus

on actively trying to get young people involved in the sport as well. you have to have money for a racket, you need access to a tennis court. >> i think when you're starting in a sport, it's not that expensive. there are so many programs in the country. that provide free programming, rackets, and equipment to get started. as players develop that is where the challenges come -- >> getting to the next level. having time, a trainer -- >> yes, but we try to make provisions particularly for those players emerging with a lot of talent to try to support them in any way that we can and at least put them on the right path way. >> let's talk about the u.s. open. in two weeks you come up with more revenue than the yankees and the mets in that time period. how do you grow that? >> it is all of the professional sports in new york, not just

baseball. basketball and hockey as well. that is because we are bringing people from all over the world and all over the country that are coming in and pouring money into the candy. >> it is a little bit of everything. but as far as revenue for the u.s. open, of course our sponsorship and our television rights kind of boost that up for us. >> i heard there is a virtual reality game where you can play maria sharapova. >> imagine being in front of a screen and you really feel like you're playing maria sharapova. i have not tried it yet, but we're all about innovation. we were the first to use electronic line calling review. we change our courts from green to blue. we have some of the best

technology in the game thanks to ibm. with our espn partnership this year we're going to show tennis in so many more ways than we ever have in the past. >> thank you very much. up next, we're "on the money." old fashioned fun, food, and anything fried. state fairs have been a ritual since the 1800s. we'll take you to one you may have heard of. how to find

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and flexibility. iowa has been in the spotlight thanks to presidential hopefuls making appearances at the iowa state fair. morgan brennan recently returned from iowa, and i'm disappointed

president no butter on a stick? >> it doesn't transport well, but it took me a few days to recover from all of the fried food i tried. state fairs in general, attendance is steadily growing since the kming downturn and many reporting record numbers. for iowa and others with big state fairs, those two to three years can have an economic impact of hundreds of millions of dollars. >> they look pretty good to me. >> this is the iowa state fair with roughly one million visitors each year, it's one of the biggest in the country. >> of those million people that come, many come and stay in the surrounding area. they drive here and utilize our local businesses in addition to the fair. >> even though they're not for profit entities, state fairs are big business.

the largest racking up tens of millions in revenue including sales for local entrepreneurs and statewide association like corn farmers and cattle ranchers. in the last legislative session, the senate and house, the governor, all agreed to make sure none of the school districts can start school until after the fair is over. >> western edge has two booths at the fair. >> we like coming here because there are so many people, and we'retizing, and hopefully they'll come to our stores in the future. >> politicians like to come here, too. they hold their first electoral event. people gather around the hay bails and iowans line up at the cast your kernel booth for who will be the next commander in

chief. >> it is the campaign grounds of presidential hopefuls, but when it comes to making money, it's all about the food. >> it's very hot, be careful. >> there is a waiting list for food booths and vendors. if it's on a stick, it is likely to sell. corn dogs, cheese, salad, or pork chop on a stick. they expect to go through 67,000. >> another iowan favorite is the cattlemans, it will gross $225,000 in just 11 days. these fairs can be a crucial revenue source. >> the hot beef sundae has no ice cream? >> no, but it has a cherry

tomato on top. >> yes, really we're just getting into the heart of state fair season, and two of the largest, minnesota and texas have not started yet. minnesota kicks off next week. they pulled in 1.8 million last year, and texas got over 3 million. they both pulled in more than $40 million in revenue. it's big business with a lot of people attending. up next "on the money" a look at the week ahead. if you have been burning through money this summer, we have tips to save cool cash as you head into the fall.

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>> for more on our show and our guests, go to our website. you can also follow us on twitter @onthemoney. on tuesday we get new home tales for the month of july. on wednesday, the durable goods report for july is released and wednesday marks women's equality day that commemorates the 1th amendment, women's right to vote. thursday we'll get the second reading of the gross domestic product. with the end of summer rapidly approaching, it is time to think about putting some of that money

you spent on the beach and vacation back in your pocket. personal finance journalist vera gibbons is here. painless is the key. >> you need very special savings goals. you save more when you have specific goals in line, and the research shows you save 31% more when you give them dez -- designated names. >> not just thinking about it, putting it down and looking at it. >> putting the plan in motion. >> and you say when it comes to airline miles we're foolish. >> we earn $48 billion a year in

points and miles and a third of that is unredeemed every year. $16 billion -- >> gone for good. >> much of it is, unfortunately $200 of the average $600 a year is redeemed -- >> i'm always saving it for a rainy day kind of thing. i think managing them gets difficult. >> you say when you start looking at retirement, you also have to be careful to make sure you're not leaving money there. >> one in four don't contribute enough for the company match. we're leaving about $1300 on the table every single year. you have to contribute enough to capture the company match. so make sure you look to figure out what matching goals are and make sure you meet them. >> yes, it is important that you get there and capture the

company match. >> when it comes to your mortgage, people have been smart. >> a lot of people have already refinanced. if you don't qualify or you have already, one easy way is to just round up your mortgage payments, and you can run the numbers on a calculator like on zillow.com. if you're paying $954 a month and you rounded up to $1,000, you will pay off your debt two years and five months early. if that is not an incentive -- and $45 will probably not kill you. >> and make sure you're putting that towards the principal not the -- >> yes, you want to see what you will safe, once you run the numbers that may inspire you to take action on that front. that is the show for today, i'm becky quick. thank you for joining us. next week labor secretary thomas paris. we will talk about the state of american labor.

each week you can keep it here, we're "on the money." have a great one we'll see you next weekend. right now on n

today, breaking overnight, an off-duty philadelphia police officer is killed after his car crashes into a tree. we'll take you to the hospital for a live report. the eagles soar past the ravens. sam bradford proved he has the goods as starting quarterback leading the birds to victory at the linc. a cool start to our sunday morning as we take a live look over center city. the sunshine will warm us up into the 80s again today. how long will it last? details are next in the first alert forecast. good morning. this is nbc 10 news today. i'm