A recent report from Deloitte found that inflation has helped send back-to-school costs soaring.
“Back-to-school spending is expected to reach a new high, up to $34.4 billion for K-12 students, or approximately $661 per student; back-to-college shoppers are expected to spend $28.3 billion, or approximately $1,600 per student,” the report said.
According to the report, the cost per student has risen by as much as 8% and more than half of back-to-school shoppers are worried about inflation.
“Back-to-school shoppers surveyed plan to decrease their spending on technology products by 8% year-over-year, while those shopping for college are set to increase their spend on technology by 22% from 2021,” the report said. “Despite stockout and inflationary concerns, the back-to-school shopping season is returning to a more typical timeframe with 53% of K-12 spending expected to occur by the end of July.”
The data comes after recent federal inflation data showed consumer costs have risen at the highest rate in over four decades. Now, it seems parents are paying the prices as their kids prepare to return to school.
“Even as economic and inflationary pressures sit top of mind, parents seem resilient and determined to ensure their children get the school supplies needed to succeed this coming year,” said Nick Handrinos, vice chair and U.S. leader, Retail, Wholesale & Distribution and Consumer Products at Deloitte. “Retailers that remain conscious of this determination, while being mindful to address shoppers’ ongoing economic concerns, could earn trust and position themselves strongly.”