A new Debt.com survey found that 45% of parents are spending at least $ 100 per child this year, compared to just the 29% in 2021.
The parent survey of 2022 from Debt.com also reported that 28% will spend more than $300 per child and that 8 of each 10 said that inflation will result in more spending.
“While inflation means you will spend more on the same items in return to the school he bought last year, there is also a psychological component,” explained Don Silvestri, president of Debt.com. “Consumers tend to buy more during inflationary periods, if they believe that inflation will continue to rise. They think they will actually save money by stocking up on non-perishable items.”
Other survey results indicate that:
– Most parents are willing to buy generic brands (59%) and reuse old supplies (56%). But they are less enthusiastic about cutting other household expenses to make room in their budget (28%) .
– More parents expect to spend between $50 and $100 more this year (47%) than in 2021 (20%) . However, they are less likely to spend an additional $200 (7% vs. 30%).Like last year, parents are spending more on clothes (48%) than in technology (20%) or traditional school supplies (45%).
“Like shopping At Christmas time, back-to-school shopping is almost immune to what’s going on around us, whether it’s inflation, recession or pandemic,” says Silvestri. “They both happen once a year and it’s about our children. It is very difficult for us to apply the same financial scrutiny that we do in our normal lives, but it is still important to budget for back to school.”
Tips from Debt.com to make smart purchases:
– The best time to buy is during the holiday your state’s tax holiday or if your state doesn’t have a tax holiday shop early in the season to take advantage of sales.
– Invest in second-hand items. A new school year doesn’t have to mean new clothes and supplies. With classroom supply lists getting longer each year, you can save big by buying second-hand essentials.
– Take advantage of coupons and student discounts. Coupons are the old advice to save money. You can find them on websites or by adding web extensions like Honey that automatically look for discount codes while you shop online. Coupons are especially useful when buying expensive items like computers, other electronics, and bedroom furniture.
You may also be interested in:
– 3 ways to save on purchases this back to school
– Inflation: This return to school is expected to cost $661 dollars per student K-12 and $1,600 per college student
– Prepare your pockets: back to school will be more expensive this year