- Back-to-school spending might reach an all-time high this season, according to a new report from Deloitte. Over half of surveyed back-to-school shoppers expressed inflation concerns, but many still plan to purchase needed supplies.
- Spending for the category is expected to reach up to $34.4 billion for K-12 students and $28.3 billion for college shoppers, per the report.
- While 37% of back-to-school shoppers are planning to spend more year-over-year, the report shows that brand loyalty is at risk due to higher costs and lack of inventory. Seventy-seven percent of surveyed shoppers say they will go to a different brand based on better pricing and inventory options.
Since the onset of the pandemic, school environments have been through a whirlwind of changes. That said, a new report from Deloitte shows that back-to-school shopping is back in full swing — despite the fact that inflation rose past estimates to 9.1% in June, according to the U.S. Bureau of Labor Statistics.
The growing consumer interest in improving mental wellness and using more environmentally friendly products typically leads shoppers to spend more. K-12 parents concerned about their child’s mental health plan to spend 8% more than the average back-to-school shopper. Meanwhile, 50% of those surveyed want to choose more sustainable product options when available; those who choose to shop more sustainable options spend about 22% more.
A June Mastercard Spending Pulse report also predicts a higher spend for back-to-school shopping this year, saying the season between mid-July and Labor Day will grow by 7.5% compared to 2021.