Back-to-School Shopping Trends and Financial Realities for Parents in 2024
As summer comes to an end, parents are gearing up for back-to-school season, a time that typically involves a significant amount of spending. However, with the economic realities of 2024 weighing heavily on families, this year’s back-to-school shopping may look a bit different.
According to the National Retail Federation, back-to-school shopping is one of the top spending events for consumers in the U.S. Last year, families were already feeling the pinch of inflation and increasing costs of living, leading many to shift their spending habits. Despite this, the market still made billions from back-to-school shopping due to rising prices.
This year, Deloitte’s annual back-to-school consumer study predicts that spending habits will remain relatively unchanged, with parents expected to spend an average of $586 per student. However, with the cost of school supplies increasing significantly over the past four years, some parents are making sacrifices in other areas to afford back-to-school shopping.
A study conducted by Qualtrics on behalf of Credit Karma found that many parents are willing to sacrifice necessities like groceries and bills to ensure they can afford their children’s back-to-school necessities. Additionally, Deloitte’s survey revealed that parents across income levels are planning to cut back on other expenses to accommodate back-to-school spending.
Despite these financial concerns, parents are still willing to splurge on their child’s must-have back-to-school products. However, both studies found that parents are prioritizing deals when shopping, with many turning to discount stores and online sales to save money.
As families navigate the challenges of back-to-school shopping in 2024, it’s clear that financial considerations are at the forefront of their minds. With inflation and rising costs impacting budgets, parents are finding ways to make ends meet while still ensuring their children have what they need for the upcoming school year.