Back-to-School Shopping: Costs Rise, but Some Relief Seen
The back-to-school shopping season is in full swing, and families are feeling the pinch of higher prices for essential supplies. A new report by Bankrate found that 31% of back-to-school shoppers said buying supplies will put them into debt, highlighting the financial strain many households are facing. However, some glimmers of hope exist, as inflation appears to be cooling and families are finding some relief compared to last year’s record-breaking costs.
Key Takeaways:
- Back-to-school spending is expected to reach $38.8 billion, the second-highest ever, with families planning to spend an average of $874.68 on school supplies.
- Inflation is cooling, but higher prices for certain items like backpacks are still impacting budgets.
- Parents are feeling pressure to splurge on trendy items, with low-rise jeans, Adidas Campus sneakers, and Jester backpacks topping students’ wish lists.
- Strategies for saving money include shopping for gently used items, using price-tracking tools, combining discounts, and making the most of existing supplies.
The Rising Cost of Back-to-School Supplies
The National Retail Federation (NRF) estimates that families with children in elementary through high school will spend an average of $874.68 on school supplies, only slightly less than last year’s record high of $890.07. This year’s total back-to-school spending, including college students, is expected to reach $38.8 billion, making it the second-most expensive back-to-school season on record.
While inflation is starting to ease, some key back-to-school items are still seeing price increases. CNBC’s analysis of the producer price index shows that the costs of making backpacks and other essential supplies have risen significantly since 2019.
The Pressure to Splurge on Trendy Items
Despite navigating tight budgets, 85% of parents surveyed by Deloitte said they could be influenced to splurge on a "must-have" item or brand. This trend is driven by a desire for students to fit in and have the "right look," according to social media trend expert Casey Lewis.
"There’s a lot of pressure to have the right look," Lewis said. "And as trends cycle through faster and faster, young people have even more pressure to keep up." This pressure can lead families to spend more than they planned on items that may not be necessary.
Saving Money on Back-to-School Shopping
Fortunately, there are strategies families can use to save money on back-to-school shopping. Consumer savings expert Andrea Woroch recommends:
- Shopping for gently used items: Sites like ThredUp, Poshmark, and Mercari offer gently used clothing, shoes, and toys at a fraction of the cost of new items.
- Using price-tracking tools: Browser extensions like Honey and apps like ShopSavvy can help you find the best deals on items you need.
- Stacking discounts: Combine credit card rewards with store coupons, cash-back offers, and free loyalty programs to maximize your savings.
- Shopping your own stock: Repurpose existing supplies like notebooks, markers, crayons, and lunch bags to reduce the need for new purchases.
The Importance of Budget Awareness
While inflation is cooling, it’s still important for families to be budget-conscious during the back-to-school season. By planning ahead, comparing prices, and using smart shopping strategies, families can manage the cost of back-to-school shopping without sacrificing quality or putting themselves into debt.
