Deloitte: 2024 Deloitte Back-to-School Survey

In the 17th annual Back to School Survey, families are in a dilemma as they prepare to embark on their second-biggest expense of the year. Respondents are weighing whether to check off the list of school essentials or splurge on newfangled items their kids want. They are balancing their need for low prices with their desire for convenience. They are juggling tight living expenses while prioritizing savings and getting their kids involved in extracurricular activities.

In short, it’s an exhausting time for parents and an opportunity for retailers to remove friction, especially as they compete for $31.3 billion in potential sales (flat year-over-year).

As the shopping season gets underway, what behaviors should retailers watch for? The survey results show that consumers clearly stated that they value value above all else. They look to shop earlier in the season to find the best deals, especially around the mid-July sales. The more money they save early on, the more room they have to indulge themselves, as 85% of respondents may be influenced by their children, while 50% plan to buy things for themselves.

To capture these incremental gains during savings-focused campaigns, retailers should consider leaning on their loyalty levers. Supporting upload programs and creating a consistent in-store and online experience may be critical for retailers to build trust and encourage loyal behavior.

There may be other opportunities for retailers, too. After one of the hottest years on record, sustainability and circularity are growing in popularity, with four in 10 parents expecting to buy a second-hand or refurbished item this year. Retailers can expand circular assortments and messaging around the benefits of buying through a trusted source. In the end, consumers want value for money, but 70% of respondents said convenience is the top factor in where they spend the most. It seems retailers will also be caught between a rock and a hard place on how far to roll out the red carpet.

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