A Target store in Queens, New York.
Lindsey Nicholson | Universal Images Group | Getty Images
Back-to-school shopping season is in full swing, and the hefty bills are proof of it.
Nearly a third (31%) of back-to-school shoppers said they would go into debt by purchasing school supplies for the new year, according to a new report from consulting firm Bankrate, which surveyed more than 2,300 adults in July.
A separate report from Intuit Credit Karma also found that 31% of parents said they won’t be able to afford school-year shopping this year, and 34% expect to have to go into debt to cover the cost of school supplies. The survey polled more than 1,000 adults last month.
Higher prices are partly to blame: Families are now paying more for some back-to-school essentials, such as backpacks ahead of the new school year. CNBC used the Producer Price Index — a closely watched inflation indicator — to track how the cost of producing certain items typically purchased for students changed between 2019 and 2024.
On the positive side, most families find back-to-school shopping in 2024 less stressful than the year before, Bankrate found.
Overall, inflation continues to decline. The Consumer Price Index, a key inflation indicator, rose 2.9% in July compared to a year earlier, the U.S. Department of Labor said. This figure is lower than the 3% in June and the lowest since March 2021.
“Shoppers aren’t clutching their wallets nearly as tightly this year,” said Ted Rossman, senior industry analyst at Bankrate. “But it’s important not to get complacent.”
Back-to-school spending could reach nearly $40 billion
Families with children in elementary through high school plan to spend an average of $874.68 on school supplies, just $15 less than last year’s record amount of $890.07, according to the National Retail Federation.
Overall, back-to-school spending this year, including student spending, is expected to reach $38.8 billion, the NRF also noted. That’s the second-highest total ever, after last year’s $41.5 billion was the most expensive back-to-school season on record.
According to a report by WalletHub, more than 75% of parents believe that schools require them to buy too much during the back-to-school season.
Parents are “influenced” to spend money
Despite tight budgets, 85 percent of parents said they could be persuaded to spend money on a “must-have” product or brand, according to another survey by Deloitte. In May, the company surveyed more than 1,100 parents who will have at least one child in preschool through 12th grade this fall.
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Low-rise jeans, Adidas Campus sneakers, which cost up to $110 at adidas.com, and North Face Jester backpacks, which retail for $75 or more, are at the top of college students’ wish lists this year, according to Casey Lewis, a social media trends expert.
“There’s a lot of pressure to have the right look,” Lewis said. And as trends change at an ever-increasing pace, “young people are under even more pressure to keep up,” she added. “It seems like their popularity and perceived coolness status depends on the products they have.”
How to save money when shopping for the back to school
Savings expert Andrea Woroch advises families to shop for used clothing, sporting goods, school supplies and certified refurbished electronics on resale sites, use a price-tracking browser extension or app and redeem coupon codes. There are a growing number of online retailers offering overstock, opened packaging and returns of children’s products, often at a significant discount.
When you’re shopping for new items, try stacking discounts, Woroch recommends, such as combining credit card rewards with store coupons and cash-back offers and taking advantage of free loyalty programs. For example, you can get 50% off with 2% cash back at Old Navy and 20% off with 1.5% cash back at Office Depot, to name a few.
Otherwise, stock up on your own supplies, advises Woroch. “Tear out pages from a partially used notebook, gather scattered markers and crayons to make a complete set, and clean out last year’s backpack and lunch bag.”
