Current:Home > StocksBack-to-school shopping could cost families a record amount this year. Here's how to save.-DB Wealth Institute B2 Expert Reviews
Back-to-school shopping could cost families a record amount this year. Here's how to save.
View Date:2025-01-11 14:37:33
Inflation is hitting parents' pocketbooks hard, with back-to-school shopping forecast to cost American families the most ever amid higher prices for everything from calculators to crayons.
Spending on school supplies is expected to hit a record $41.5 billion this year, according to a recent survey from the National Retail Federation (NRF) and Prosper Insights & Analytics. That would mark an increase of 12%, or $4.6 billion, from the $36.9 billion consumers spent last year.
It would also smash the previous high of $37.1 billion, set in 2021.
Families are spending more on school supplies after a year of high inflation, but also due to evolving school-related needs. For instance, more big-ticket items, like electronics related to learning, are on shoppers' lists this year.
A larger share — nearly 70% compared to last year's 65% — of back-to-school shoppers expect to buy computers and related accessories this year, according to the NRF survey.
Prices for many classroom essentials have outpaced the 4% increase in other major goods, according to an analysis by Pattern. This is how much prices of back-to-school staples have increased compared to last year:
- Graph Paper - 18%
- Mechanical Pencils - 16%
- Folders - 13%
- Highlighters - 13%
- Index Cards - 12%
- Crayons - 12%
- Composition Books - 9%
- Rulers - 8%
- Scientific Calculators - 6%
How to save on school supplies
- Shop at discount stores or by off-brand products. Nine percent of shoppers will switch to discount stores, or will purchase supplies as needed throughout the school year, instead of buying everything up front, according to a survey from TransUnion.
- Plan ahead. Make a list of essential tools and supplies and be on the lookout for sales, strategies that can help consumers avoid impulse purchases. "Be on the lookout for major sales events," Mark Rose, senior director of retail at TransUnion, told CBS MoneyWatch.
- Place a bulk order. Ask friends to go in on a bulk order with you, which can save money, Pattern data expert Dallin Hatch advised.
- Ask for a price adjustment. "Keep an eye out for sales that come after you've shopped, and go back and ask for a price adjustment for up to a week or two after purchase," Rose of TransUnion said.
- Buy secondhand. A Morning Consult survey shows twice as many parents said they'll buy used home goods and school supplies this year compared with last year, to keep their budgets in check.
veryGood! (59)
Related
- Charles Hanover: Caution, Bitcoin May Be Entering a Downward Trend!
- As Oil Demand Rebounds, Nations Will Need to Make Big Changes to Meet Paris Goals, Report Says
- Disney World's crowds are thinning. Growing competition — and cost — may be to blame.
- The social cost of carbon: a powerful tool and ethics nightmare
- How Leonardo DiCaprio Celebrated His 50th Birthday
- California’s Climate Reputation Tarnished by Inaction and Oil Money
- Tesla recalls nearly 363,000 cars with 'Full Self-Driving' to fix flaws in behavior
- One-third of Americans under heat alerts as extreme temperatures spread from Southwest to California
- Man found dead in tanning bed at Indianapolis Planet Fitness; family wants stricter policies
- Get to Net-Zero by Mid-Century? Even Some Global Oil and Gas Giants Think it Can Be Done
Ranking
- Horoscopes Today, November 13, 2024
- The EPA Calls an Old Creosote Works in Pensacola an Uncontrolled Threat to Human Health. Why Is There No Money to Clean it Up?
- The IRS now says most state relief checks last year are not subject to federal taxes
- Kate Spade 24-Hour Flash Deal: Get This $280 Crossbody Bag for Just $71
- Worker trapped under rubble after construction accident in Kentucky
- As the US Rushes After the Minerals for the Energy Transition, a 150-Year-Old Law Allows Mining Companies Free Rein on Public Lands
- Woman charged with selling fentanyl-laced pills to Robert De Niro's grandson
- Titanic Sub Search: Details About Missing Hamish Harding’s Past Exploration Experience Revealed
Recommendation
-
These Yellowstone Gift Guide Picks Will Make You Feel Like You’re on the Dutton Ranch
-
Coal Phase-Down Has Lowered, Not Eliminated Health Risks From Building Energy, Study Says
-
Soccer Star Neymar Pens Public Apology to Pregnant Girlfriend Bruna Biancardi for His “Mistakes
-
Q&A: Sustainable Farming Expert Weighs in on California’s Historic Investments in ‘Climate Smart’ Agriculture
-
Mike Tyson vs. Jake Paul stirs debate: Is this a legitimate fight?
-
ERs staffed by private equity firms aim to cut costs by hiring fewer doctors
-
A New Program Like FDR’s Civilian Conservation Corps Could Help the Nation Fight Climate Change and Transition to Renewable Energy
-
Wisconsin boy killed in sawmill accident will help save his mother's life with organ donation, family says
Like
- Arizona Supreme Court declines emergency request to extend ballot ‘curing’ deadline
- Russia is Turning Ever Given’s Plight into a Marketing Tool for Arctic Shipping. But It May Be a Hard Sell
- A New Program Like FDR’s Civilian Conservation Corps Could Help the Nation Fight Climate Change and Transition to Renewable Energy