Back-to-school season is just around the corner. For nearly half of parents (46%) who started shopping in mid-July, the season is in full swing, and 4% have completely finished their back-to-school shopping. Among the less enthusiastic respondents, 29% plan to start shopping in late July, while 49% expect to start in early August. July’s Amazon Prime Day and related sales kick off the season with deep discounts on key items for school-age kids. 42% of parents take advantage of Amazon’s promotions to shop for back-to-school, and back-to-school is also a popular category for parents shopping during Walmart+ week. Parents' spending plans are consistent with 2022, when inflation significantly adjusts back-to-school budgets Despite cooling inflation, the 2023 back-to-school shopping season will be just as expensive as 2022. Parents' spending forecasts jumped last year as price increases peaked, and their 2023 predictions are similar to those for 2022. In a follow-up survey conducted in September 2022, parents reported total back-to-school spending consistent with their predictions, and similar results are expected this year. Households tend to buy discounted and second-hand goods to save money While families who start shopping earlier in July have plenty of discounts to help them, those who wait won’t necessarily miss out. Families who shop early tend to have higher incomes, so they have flexible budgets and can shop earlier: 56% of families making at least $100,000 a year have already started back-to-school shopping, compared with just 39% of families making less than $50,000 a year. As a result, end-of-season shoppers may be more price sensitive. Secondhand shopping also offers an affordable option, and while it only makes up a small portion of parents’ overall shopping plans, twice as many parents will buy secondhand household and school supplies this year as last year. |
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