2024 Back-to-School Forecast
As the summer winds down and the excitement of a new school year begins, the 2024 back-to-school season is officially here. A back-to-school survey conducted by Deloitte reveals this year’s trends and trepidations. Here are some highlights:
Spending predictions
According to the survey results, back-to-school spending is predicted to be similar, but slightly lower, to what was seen last year. Encompassing both school supplies and clothing, an average spend of $586 per child is predicted for 2024, compared to $597 in 2023. The decrease may be due to 47% of respondents reporting that they have less money to spend compared to 2023, and 73% reporting concern about rising prices for everyday items.
Emphasis on value
Retailers are expected to see frugal shopping habits and customers prioritizing value over brand loyalty when shopping for back-to-school supplies. In fact, half of respondents said they plan to save money by buying in bulk, and a majority (67%) said they will shift brands if the preferred brand is expensive.
Emotional drivers
Even when frugal spending is planned, most parents (85%) reported being influenced by their children to splurge on must-have back-to-school brands or products. Reasons behind this include making the back-to-school transition more exciting, boosting the child’s confidence, personal satisfaction from being able to fulfill child’s wishes, and encourage the child’s self-expression. Moreover, 61% said their child’s preferences generally influence them to spend more.
Convenience is key
According to the survey, the top driver for where people will spend the most money is convenience. Mass merchant and online retailers tend to be the most popular destinations for back-to-school supplies. The mix of in-store and online shopping has increased from 2023, as 70% of respondents plan to shop both in-store and online versus 66% in 2023.
As we gear up for the 2024 back-to-school season, it’s clear that both parents and retailers are navigating a landscape shaped by economic concerns, value-driven shopping, and the ever-present influence of convenience. While families begin back-to-school shopping, consider picking up an extra ream of paper or other supplies for the classroom. According to the National Education Association, on average, educators spend somewhere between $500 and $750 of their own money every year on supplies their students need. Every little bit others can contribute can add up to make a big difference for teachers!
Source:
2024 Deloitte back-to-school survey
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