As kids soak up the final days of summer sun and prepare to return to their studies, class is already in session for parents looking to save money on their back-to-school spending as inflation concerns loom.
That’s according to coupon company RetailMeNot, which recently surveyed more than 1,000 consumers to learn how they are navigating economic conditions. It found 40% of respondents were stressed about the money they will spend on back-to-school shopping—that’s up from 28% in 2021.
While reports indicate a much-needed economic cooling is in sight thanks to dropping gas and fuel prices in July, inflation has remained a hot button issue. That comes in the aftermath of the pandemic’s domino effect on the reduction of resources and inventory, leading to supply chain challenges spanning multiple industries that have also turned into record profits for many corporations in the process.
That said, customers are still feeling the heat and looking for economic relief where they can find it.
This includes reducing their average spend to $1,247—which marks a decrease of $86 from 2021—on all back-to-school shopping, with electronics in particular taking nearly a $100 hit as shoppers reassess their needs, according to RetailMeNot.
“With inflation tightening budgets, consumers are shopping smarter and prioritizing different categories than we saw in 2021,” said Kristin McGrath, RetailMeNot’s shopping expert, in a statement. “While electronics might be the biggest budget line item this year, it’s the smaller things that are this year’s most popular buys: School supplies, clothes and shoes make up the big three items for this year’s back-to-school shoppers.”
According to the report, big box retailers are among the preferred destinations for shoppers, with 75% of respondents citing they will shop at Walmart, with 57% and 47% indicating they will also shop through Amazon and Target, respectively. Dollar stores have also seen an uptick in traffic, as shoppers look to spend less and get the most bang for their buck.
The survey also found shoppers increased the amount of pre-purchase product research they conduct online, with 55% looking for savings on websites before they consider visiting brick-and-mortar locations. Conversely, in-store shopping has seen an increase from the previous year, with 61% of customers choosing to make their purchases in person—and many doing so months in advance.
