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A recent study reveals that back-to-school shopping expenses are soaring, with some families expected to shell out nearly $700 for supplies this year.
Gone are the days when back-to-school shopping was a delightful experience filled with the excitement of picking out colorful folders and #2 pencils. Nowadays, it has transformed into a stressful and costly endeavor for many parents due to inflation, supply chain disruptions, and the lingering effects of the pandemic. According to research by Savings.com, the average parent anticipates spending around $697 on school supplies for the 2022-23 school year. The study surveyed over 500 parents and highlighted that inflation and rising prices are significantly impacting their budgets for back-to-school shopping.
In 2021, a quarter of parents surveyed aimed to spend about $150 total on supplies. This year, however, only 11% believe they will manage to stay anywhere close to that figure. Over 40% of parents anticipate spending considerably more. The increase in costs can be attributed not just to inflation but also to the return of in-person learning, which has led parents to invest more in clothing and traditional school supplies, with clothing alone averaging around $160 per child.
With supplies prices on the rise, many parents worry about their ability to provide everything their children need. A recent survey by Morning Consult found that only 36% of parents felt they could afford back-to-school shopping, a significant drop from 52% the previous year. Moreover, anxiety surrounding back-to-school spending has risen by 5%.
To cope with financial strain, parents are resorting to various strategies such as using credit cards, cutting back in other areas, and searching for deals. Approximately 44% of parents plan to seek assistance from friends, family, or charitable organizations to help with costs. A survey by Qualtrics for Credit Karma indicated that 42% of parents with children returning to school are considering taking on debt for shopping expenses, with many expecting to incur over $300 in debt, and some more than $500.
In response to the financial burdens, several states are offering tax-free weekends to help ease the costs of school supplies during this period of inflation. Retailers like Target, Old Navy, Kohl’s, and Walmart are also rolling out promotions to address parents’ concerns about rising prices. Nevertheless, this remains an area where many families will experience financial pressure this year.
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