As the back-to-school shopping season kicks into high gear, many families are feeling the financial strain of purchasing supplies for the new year. Recent reports indicate that up to one-third of families may end up in debt due to the cost of back-to-school essentials. Despite a slight decrease in inflation, prices for key items like backpacks have risen, adding to the financial burden for parents.
According to surveys conducted by Bankrate and Intuit Credit Karma, a significant percentage of parents are concerned about affording back-to-school shopping this year. With 31% of parents unable to cover the costs and 34% expecting to take on debt, the financial impact of back-to-school shopping is a pressing issue for many families. The rising prices of essential items have contributed to this financial strain, making it difficult for families to manage their budgets effectively.
On a positive note, Bankrate’s findings suggest that back-to-school shopping is slightly less burdensome for families in 2024 compared to the previous year. Despite this, the overall cost of supplies remains high, with families expected to spend an average of $874.68 on school supplies. The National Retail Federation predicts that back-to-school spending, including for college students, will reach $38.8 billion this year, making it the second-highest tally on record.
Parents are not only grappling with the financial aspect of back-to-school shopping but also facing pressure to splurge on „must-have“ items or brands. Deloitte’s survey revealed that 85% of parents could be influenced to overspend on trendy products, adding to the financial strain of the season. Social media trend expert Casey Lewis highlighted popular items like low-rise jeans, Adidas Campus sneakers, and North Face Jester backpacks as top choices for students this year, reflecting the pressure to keep up with trends.
To alleviate the financial burden of back-to-school shopping, consumer savings expert Andrea Woroch recommends shopping for gently used items, utilizing price-tracking tools, and stacking discounts to maximize savings. By shopping smart and leveraging discounts, families can save money on essential items and reduce the impact on their budgets. Additionally, repurposing items from previous years and utilizing loyalty programs can help families cut costs and make back-to-school shopping more manageable.
In conclusion, the back-to-school shopping season presents a financial challenge for many families, with rising prices and pressure to splurge on trendy items adding to the burden. By adopting smart shopping strategies and utilizing discounts effectively, parents can navigate the back-to-school season more efficiently and save money on essential supplies. Despite the financial challenges, with careful planning and budgeting, families can ensure a successful start to the new school year without breaking the bank.