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Americans are Spending More on Back-to-School Shopping Because of Inflation
A new survey shows that nearly half of parents will spend more than $200 on each child.
Despite inflation anxiety, parents are willing to go all out for their kids. This year, 45 percent of parents are willing to spend more than $200 per kid compared to 29 percent in 2021.
Debt.com polled parents on their back-to-school plans. Nearly 8 in 10 said they increased their spending because of inflation.
“While inflation means you’ll spend more for the same amount of back-to-school items you purchased last year, there’s also a psychological component,” Silvestri explains. “Consumers tend to actually buy more during inflationary periods – if they believe inflation will continue to climb. They figure they’ll actually save money by stocking up on nonperishable goods.”
Clothing is the number one thing families will be shopping for this back-to-school season. So now that pandemic concerns have taken the back burner, most parents are going to do their shopping in person instead of online.
Below are the most fascinating results of Debt.com’s 2022 Back-to-School survey.
Do you expect to spend more this year than last year, due to inflation?
How much are you planning to spend per child on back-to-school shopping this summer?
What do you think you’ll spend most on?
Do you plan to do most of your shopping online or in stores?
Do you plan on using any of these money-saving tactics when shopping?
More than 2 out of 3 parents surveyed have at least one child going back to school
1 out of 3 parents surveyed will spend more than $200 per kid going back to school
More than half of parents with kid(s) back to school plan to spend more this year than 2019, before the pandemic hit
1 out of 3 parents surveyed will spend more than $200
Of parents who will spend more this year, 3 out of 5 say clothing will eat up most of their budget
Do you have children going back-to-school this year?
Percentage of respondents
Yes
57.14%
No
42.86%
How many children do you have in grades 1 through 8?
Percentage of respondents
None
32.48%
One
43.16%
Two
17.52%
3 or more
6.84%
How many children do you have in grades 9 through 12?
Percentage of respondents
None
52.36%
One
40.77%
Two
6.44%
Three or more
0.43%
How much are you planning to spend per child on back-to-school shopping this summer?
Percentage of respondents
Nothing
3.10%
$50 or less
10.18%
$51 to $100
23.89%
$101 to $150
17.70%
$151 to $200
16.37%
More than $200
28.76%
Will you spend more this year than you did in 2019, before the pandemic hit?
Percentage of respondents
Yes
52.44%
No
47.56%
If yes, how much more will you spend this year compared to 2019, before the pandemic?
Percentage of respondents
$50 or less
9.65%
$51 to $100
29.82%
$101 to $150
21.93%
$151 to $200
7.89%
More than $200
30.70%
What will you spend the most on?
Percentage of respondents
Clothing. I want my kid to feel and look special after a year learning at home.
60.53%
Technology. My kid needs the latest laptop, tablet or smartphone.
21.93%
Traditional school supplies like backpacks, trapper keepers, etc.
17.54%
Methodology: Debt.com surveyed 413 people and asked seven questions about how much they plan to spend on back-to-school shopping this year. People responded from all 50 states and Washington, DC and were aged 18 and above. Responses were collected through SurveyMonkey. The survey was conducted from July 30, 2021, to August 12, 2021.
If your kid(s) go back, how worried are you for their health?
Percentage of respondents
Not worried at all
9.35%
A little bit worried
17.35%
Modertately worried
23.47%
Verry worrited
49.83%
Are you…?
Percentage of respondents
Married
63.33%
Single
23.94%
Co-parenting
8.94%
Other
4.24%
If schools operate remotely, how will handle childcare?
Percentage of respondents
I’ll stay at home with my kids
64.22%
A relative or family friend will stay home with my kids
18.40%
My partner or ex will stay home with my kids
13.63%
I’ll send my kids to some kind of daycare, if it’s open
3.75%
What’s your average household income?
Percentage of respondents
Less than $20,000
20.44%
$20,000 to $34,999
19.25%
$35,000 to $49,999
16.18
$50,000 to $74,999
18.23%
$75,000 to $99,999
11.93%
$100,000 or more
13.97%
Methodology: Debt.com surveyed 525 parents and asked them 10 questions about their back-to-school shopping plans. Respondents were at least 18 years old and from all regions across the country. Responses were collected through SurveyMonkey. This survey was conducted on July 26, 2022.
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