Rosalind Evans
Back-to-school shopping has always been a significant expense, pushing many families to the brink this year. Recent reports reveal that nearly one-third of parents are expected to go into debt to afford essential supplies for their children. While inflation has eased slightly, the rising costs of critical items continue to strain household budgets.
Rising Costs: The Debt Dilemma
A recent Bankrate survey found that 31% of back-to-school shoppers anticipate going into debt to cover the costs of supplies. Similarly, an Intuit Credit Karma report echoed this concern, noting that 34% of parents expect to incur debt. “Higher prices are partly to blame,” says Bankrate’s senior industry analyst, Ted Rossman. Essential items like backpacks have seen significant price hikes driven by ongoing inflationary pressures.
Inflation’s Impact on Back-to-School Shopping
Despite some relief in overall inflation rates, the costs associated with back-to-school shopping remain high. The National Retail Federation (NRF) reported that families with children in grades K-12 plan to spend an average of $874.68 on supplies this year. While this figure is slightly lower than last year’s record, it’s still a heavy burden for many. “Shoppers aren’t clutching their wallets nearly as tightly this year,” Rossman observed, but he also cautioned against complacency.
The Influence of Trendy Must-Haves
Many parents feel compelled to splurge on trendy items despite tight budgets. A Deloitte survey found that 85% of parents could be influenced to purchase a “must-have” brand or item. Social media trend expert Casey Lewis highlights the pressure on students to keep up with fast-moving trends, noting that popular items like low-rise jeans, Adidas Campus sneakers, and North Face backpacks are in high demand. “It feels like their popularity and perceived coolness rides on the products they have,” Lewis remarked.
Strategies for Saving on School Supplies
Consumer savings expert Andrea Woroch recommends several strategies to combat these rising costs. Families can save by purchasing gently used items from resale sites, using price-tracking apps, and stacking discounts. “Shop your stock,” Woroch advises, suggesting that parents reuse supplies from previous years to reduce expenses. Combining store coupons with credit card rewards and cash-back offers can lead to significant savings for those buying new.
As back-to-school shopping becomes increasingly expensive, families seek ways to manage the financial strain. While some parents may be in debt, savvy shopping strategies can help mitigate the costs. By rethinking their approach to shopping, families can provide their children with the necessary supplies without breaking the bank.
