Americans spend tens of billions of dollars each year on back-to-school shopping. According to the National Retail Federation, 2023 sales are expected to reach $41.5 billion – a 12.5% increase since 2019.
Although shoppers are currently in the market for classroom supplies, new laptops, and clothing, inflation is having a huge impact on their purchasing decisions. This is causing them to rethink how they shop and what they buy.
From school supplies to clothing, here are the ways U.S. consumers are adapting their habits in order to manage their back-to-school spending.
Shoppers are shifting their spending to be more economical
Consumer trends highlight how shoppers are prioritizing low prices over brand names this school year. A new study by FinanceBuzz says more than half (51%) of shoppers are turning to generic or less expensive brands of supplies.
As consumers are paying closer attention to price tags and receipts, this could mean more family trips to discount stores and bargain outlets instead of making online-only purchases.
Coupons and sales remain top of mind
Professional services firm Deloitte reported that the cost of school supplies has risen 23.7% since 2020 – a 23.7% jump within the past two years. Yet, statistics show how price matching and coupon clipping are helping consumers stretch their dollars even further.
FinanceBuzz’s study suggests consumers’ back-to-school shopping carts won’t include as many unplanned purchases. For those who are looking for new supplies, 38% said they will rely on more sales and a quarter (25%) will use more coupons than normal.
More than 1 in 5 consumers (22%) even plan on reusing old or leftover supplies. When repurposing old school supplies, it’s important to take inventory of items that are especially worn and regularly used as a way to account for future expenses.
Less money will be set aside for new outfits
Retailers put out back-to-school styles each fall and this year is no exception. But research shows inflation is influencing almost half (47%) of shoppers to spend less money on new outfits.
FinanceBuzz’s study highlights how 28% of consumers will buy less new clothes compared to previous years. While 19% said they will go to thrift stores for all or some of their items.
Households with multiple students may want to pass down their pre-owned clothes to younger siblings. Likewise, second-hand shopping can be a rewarding way to maintain a budget and many thrift stores support nonprofit organizations.
Bottom Line: Inflation is affecting everyone
In an analysis from Statistica, two-thirds of those surveyed said inflation and rising prices would impact them more in 2023 compared to 2022. Discretionary spending is one area where easy lifestyle changes can make a world of difference.
For many consumers, back-to-school shopping will take more time and effort this year. Families are determined to save extra money by reusing old school supplies, buying less expensive items, and purchasing fewer new clothes.
