Families decreasing spending in other areas to cover cost of back to school essentials this year
COLORADO SPRINGS, Colo. (KKTV) - You may have noticed higher prices while shopping for back to school essentials.
According to the National Retail Federation and Prosper Insights & Analytics, one third of families surveyed reported cutting back in other spending areas to cover the cost of items for the upcoming school year. Experts say this shows education is an essential for families, despite inflation and higher costs.
“Spending has increased dramatically since the onset of the pandemic. While some of that can be attributed to inflation or higher prices, we are seeing real shifts in terms of how people spend,” said NRF Senior Director of Industry and Consumer Insights Katherine Cullen.
NRF reports the back to school spending season is one of the biggest for both consumers and retailers, aside from the holiday season. Experts say K-12 and college shoppers will spend more per person on this season than they do on Mother’s Day, Father’s Day and Valentine’s Day combined.
According to NRF, families with children in elementary to high school are expected to spend about $864 this back to school season, up about $15 from last year. The top categories for K-12 spending include electronics and clothing.
College students are expected to spend about $1,200, which is consistent with last year. The top categories for college spending include electronics, dorm/apartment furnishings and apparel.
Online shopping is reportedly the top destination for back to school shopping, followed by department stores then discount retailers. Experts say back to school shopping began very early this year.
“They want to spread out their budgets and give themselves time to shop for sales and deals. We know that this year, with the impact of higher prices and inflation, it’s even more important to consumers to give themselves more time for the back to school and college season,” said Cullen.
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