It’s hot AF outside now, but autumn will be here sooner than you think — and that means back-to-school shopping.
The back-to-school market is now worth $34.4B for K-12 students, per Deloitte. And this year, parents are expected to spend an average of $661 per child, up 8% YoY and 27% from 2019.
Why the rise?
Oh, just that major bummer reigning across all markets right now: inflation.
“It’s not that people are really buying more, it’s just the costs have truly changed in the past year, based on our survey,” Alex Vaz, senior manager for Deloitte & Touche LLP, told Fortune.
How’s this affecting parents?
A Morning Consult survey found just 36% of parents think they can easily afford supplies, down 16% from last year.
- Worth noting: In 2021, many parents received enhanced tax credits and federal help, but not in 2022.
To save, some parents are turning to used or refurbished items, while others are checking for deals and sales, such as Amazon’s recent Prime Day.
Parents will also spend less on technology and more on clothing and accessories, which are 18% more expensive this year, as kids ditch at-home education for in-person schooling.
For those looking to save: Bankrate has some tips.
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