Inflation is on every shopper’s mind and budget as they see higher prices on food, gas, and back-to-class essentials like clothes and school supplies. But despite all of this, 38% of consumers are not pulling back on back-to-school and college spending, and this year back-to-class spending exceeds pre-pandemic levels.
The report stated that consumers are cutting back on spending in other areas, working additional hours, and taking other measures to cover costs for back-to-school shopping this season.
Fifty-six percent of back-to-class shoppers started browsing and buying as early July, up from last year’s 51 percent and considerably higher than 44 percent in 2019.
The National Retail Federation collaborated with Prosper Insights & Analytics to ask consumers about the back-to-class season and learn more about how higher prices impact shopping plans.
Spending on essentials remains strong even when inflation is shaping consumer shopping plans.