Parents Preparing for Back-to-School Shopping Have Historically High Budgets
Key Takeaways
It’s only July, but back-to-school shopping is in full swing: 40% of parents said they’ve started shopping for the new school year at the beginning of this month.
Back-to-school budgets remain high after years of battling inflated prices: 26% of parents say they’ll spend more than $500 this season.
Some families will shop secondhand to help afford everything their kids need: 15% say they will buy used books and 11% say they will purchase secondhand clothing.
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Bad news procrastinators: 40% of parents have already started their 2024 back-to-school shopping as of early July. A plurality (38%) plan to get started in early August, but they’ll miss out on the July sales. Amazon Prime Day is the most popular discount event for parents stocking up for the upcoming school year, with 46% saying they’re planning to shop the sale. Read on for insight into this year’s back-to-school spending and shopping.
Back-to-school spending plans remain elevated since peak inflation
June 2022 saw inflation reach historic highs and with that parents’ back to school budgets increased: the share of parents planning to spend more than $500 jumped from 7% in 2021 to 25% in 2022. Two years later, those higher spending levels remain. To help meet shoppers where they are retailers have been reducing prices store-wide and introducing value-oriented store brands to help families get the essentials they need without breaking the bank.
How much parents plan to spend on back-to-school shopping
Parents seeking discounts to help mitigate the inflationary impact on back-to-school sales are taking advantage of Amazon Prime Day (46%) and the myriad other sales that come along with it (20%). State level tax free holidays remain popular, with 40% of parents planning to take advantage of these events. Labor Day sales and other summer holiday sales round out the discount hunters plans, at 23% and 22%, respectively.
Apparel and school supplies are consistently the largest spending categories
Of course, there’s more than just school supplies needed for children to begin the new school year. Kids grow, so new clothes are an expensive but necessary expense as the new school year begins. Electronic devices to support classroom learning and homework are weighted to higher price points. Fewer parents plan to spend on home goods, but those with college-bound students will spend big outfitting new dorm rooms.
Parents plan to spend the most on clothing and school supplies
Apparel spending on the whole is down from a year ago as consumers have pulled back on discretionary purchases, so the back-to-school season will give clothing retailers a boost. Teens still prefer to do their apparel shopping in stores, so fighting with parents about which new jeans to buy remains a teenage rite of passage.
Secondhand shopping helps parents afford books and clothing
Beyond bargain hunting and sale shopping, parents hoping to save some money on back-to-school purchases will look to the secondhand market for school books and clothing. Used book sales are often managed by the schools themselves, and local buy nothing groups also help families find the clothing and supplies they need for a new school year.
School books and clothing are the most common secondhand shopping categories
Secondhand shopping is somewhat less prevalent for electronics and home goods, though these items usually have a longer life span. School supplies like notebooks and pencils don’t lend themselves to reuse, so almost all purchases in that category will be new products.
