37% of parents said they couldn’t afford school supplies because of rising inflation, and 42% said they plan to use credit cards or “buy now, pay later” loans to pay for back-to-school shopping, according to a recent survey conducted by Credit Karma.
India Wayman, 40, a stay-at-home mom in North Syracuse, N.Y. says she’s never felt this much stress buying back-to-school clothes for her daughter.In prior years, Wayman shopped off-season and in the clearance section. But this year, she said, even the clearance section was out of reach.
Two years into the pandemic, with most students are back in classrooms full time, analysts expect parents to shift away from purchasing electronic devices in favor of clothing and accessories. An unprecedented back-to-school season Retailers expect back-to-school shopping to peak this week, and clothing is “the No. 1 item on shoppers’ lists, even surpassing school supplies,” according to a recent survey by LendingTree, an online lending marketplace.
— Deloitte consumer survey Parents say they plan to spend an average of $661 on back-to-school shopping, 8% more than the 2021 season, according to a recent survey by Deloitte. The consulting and tax group estimated that the related market will reach $34.4 billion this year, up 24% since 2019. Another wrench in the works: Many Americans have been dipping into their savings to pay their bills, and the personal savings rate has hit one of the lowest levels in decades, according to the Bureau of Economic Analysis.“We saw fatigue in technology primarily because families bought heavily in the category the past two years when schooling was virtual or hybrid,” Lupine Skelly, one of the authors of the Deloitte survey, wrote in an email to MarketWatch.
“When shopping for clothes, India Wayman turns to online fast-fashion brands such as Fashion Nova and SHEIN. ” Wayman said it’s hard to keep up with what her daughter wants and stay within her budget. She’s also buying fewer pieces of clothing due to rising prices. Some parents are taking on more debt: 37% of parents said they couldn’t afford school supplies because of rising inflation, according to a recent survey conducted by Credit Karma, and 42% of parents surveyed said they plan to use credit cards or “buy now, pay later” loans to pay for back-to-school shopping.
— Maritza Guridy, the deputy director of parent outreach of the National Parents Union “It’s going to be a very stressful time period for a lot of families that have not seen an increase in their wages, but are seeing the price of everything else around them being raised,” said Maritza Guridy, the deputy director of parent outreach of the National Parents Union, a grassroots organization advocating to improve the education system and children’s quality of life.
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