Back-to-School Budgets Rise Amid Inflation 🎒
As per Morning Consult Pro's survey data, 46% of parents have begun shopping since July, with 42% seizing early discounts during Amazon Prime Day sales.Â
While inflation eases, household budgets remain stretched, prompting parents to increase their back-to-school budgets for the second consecutive year.
This year, families are expected to spend more than ever on back-to-school essentials. According to the NRF, college students and their families are projected to spend an average of $1,366.95 per person, a significant increase from last year's $1,199.43. This surge in spending is a remarkable trend, as back-to-college expenditures have nearly doubled since 2019.
Despite rising costs, families are determined to make the most of their budgets. The hunt for savings continues, focusing on late summer sales and secondhand shopping.
The National Retail Federation reveals that online platforms, department stores, and discount stores are the preferred destinations for back-to-class shoppers.
As the new school year approaches, families are navigating the financial landscape with strategic choices, adapting to the evolving trends in back-to-school shopping.
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About NRF The National Retail Federation passionately advocates for the people, brands, policies and ideas that help retail succeed. From its headquarters in Washington, D.C., NRF empowers the industry that powers the economy. Retail is the nation’s largest private-sector employer, contributing $3.9 trillion to annual GDP and supporting one in four U.S. jobs – 52 million working Americans. For over a century, NRF has been a voice for every retailer and every retail job, educating, inspiring and communicating the powerful impact retail has on local communities and global economies.
