It’s back-to-school shopping time, and everyone wants a bargain – Gist It

It’s back-to-school shopping time, and everyone wants a bargain

Back-to-school shopping season is upon us, but a survey reveals a potential decrease in spending due to inflation and higher costs for supplies.

The Spending Forecast: Consultancy firm Deloitte predicts back-to-school spending may decline by 10% compared to last year.
* This would mark the first decrease since 2014. Inflation is impacting shopping behavior, causing both those spending more and those spending less to attribute changes to rising prices.
* The prices of school supplies have risen by nearly 24% over the past two years according to the Bureau of Labor Statistics.

The Shopping Strategy: Teachers and parents alike are looking for bargains, turning to online sales and discount events to save money.
* A survey by the National Retail Federation found most back-to-school shoppers plan their purchases around sales events.
* Deloitte’s survey found 69% of shoppers plan to check Amazon’s Prime Day event for back-to-school deals.
* In-person shopping remains popular for most back-to-school purchases, despite some increases in online shopping.

The Tangible Impact: Parents and teachers share personal accounts of how they try to manage school supply costs amid inflation.
* Dana Stassen, a third-grade teacher, is crowdsourcing supplies through an Amazon wish list for her classroom and trying to keep her personal expense under $800.
* Melissa Wright, a parent and former elementary school teacher, is planning to spend under $250 on clothes and supplies for her children, leveraging a Target discount app for savings.

The Timing: Despite school starting dates ranging into September, Deloitte indicates most back-to-school spending will take place in July, accounting for around 59% of total spending.

View original article on NPR

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July 12, 2023

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