The back-to-school shopping season is in full swing, with families across the country feeling the financial strain of purchasing supplies for the upcoming school year. According to a new report by Bankrate, nearly one-third of back-to-school shoppers expect to go into debt due to the high prices of essential items. This sentiment was echoed in a separate survey by Intuit Credit Karma, which found that 31% of parents cannot afford back-to-school shopping this year, with 34% anticipating taking on debt to cover the costs.
Rising prices are a major contributing factor to the financial burden faced by families during the back-to-school season. Key essentials such as backpacks have seen an increase in prices, making it more challenging for parents to afford everything on their child’s school supply list. The producer price index, a measure of inflation, has shown a significant change in the cost of items purchased for students between 2019 and 2024, further exacerbating the financial strain on families.
Despite the high prices and financial challenges, most families reported that back-to-school shopping is less burdensome in 2024 compared to the previous year. This positive trend is reflected in the overall decrease in inflation as reported by the U.S. Department of Labor, with the consumer price index rising only 2.9% in July from a year ago, the lowest reading since March 2021.
Back-to-School Spending Trends
Families with children in elementary through high school are projected to spend an average of $874.68 on school supplies this year, slightly lower than the record set in 2023. The National Retail Federation anticipates that back-to-school spending, including for college students, will reach $38.8 billion in total, making it the second-highest tally ever recorded. Last year’s back-to-school season was the most expensive to date, with a total spending of $41.5 billion.
The high cost of supplies has led to concerns among parents, with over 75% believing that schools request too much from them during the back-to-school season. This sentiment was echoed in a report by WalletHub, highlighting the financial pressure faced by families as they try to meet the demands of school supply lists.
Parental Influence on Spending
Despite budget constraints, many parents admit that they can be influenced to splurge on “must-have” items or popular brands for their children. A survey by Deloitte found that 85% of parents could be swayed by these factors, indicating the challenges faced by families in sticking to a budget during the back-to-school shopping season.
According to social media trend expert Casey Lewis, certain items like low-rise jeans, Adidas Campus sneakers, and Jester backpacks from North Face are topping students’ wish lists this year. The pressure to keep up with trends and maintain a certain image has led to increased spending on these popular items, further adding to the financial strain faced by parents.
Strategies for Saving on Back-to-School Shopping
To alleviate some of the financial burden associated with back-to-school shopping, consumer savings expert Andrea Woroch recommends several strategies for families. Shopping for gently used clothing, sporting goods, school supplies, and certified-refurbished electronics on resale sites can help reduce costs significantly. Additionally, using price-tracking browser extensions or apps, applying coupon codes, and leveraging discounts from online retailers offering overstock items can lead to substantial savings.
Woroch also suggests stacking discounts, such as combining credit card rewards with store coupons and cash-back offers, while taking advantage of free loyalty programs at various retailers. By being strategic in their shopping approach, families can maximize their savings and make the most of their back-to-school budget.
For those looking to save even more, Woroch recommends shopping from their own stock by repurposing items from previous years. This includes reusing partially used notebooks, collecting scattered markers and crayons to create a full set, and cleaning up last year’s backpack and lunch tote. By being resourceful and creative, families can save money while still providing their children with the necessary supplies for the upcoming school year.
In conclusion, the back-to-school shopping season presents a financial challenge for many families, with high prices and increased spending contributing to the burden. Despite these challenges, there are strategies that families can employ to save money and make the most of their back-to-school budget. By being mindful of their spending, shopping strategically, and utilizing discounts and savings opportunities, families can navigate the back-to-school season without breaking the bank.