As schools reopen across the country this Fall and students head back to in-classroom learning, parents and families are headed to stores and making purchases online to gear up. According to a recent Deloitte survey, retailers can expect to see a huge boost this year, up 16% from last year, as parents plan to spend $612 on average per child on back-to-school spending.
Here are four key insights from the survey:
(1) SCHOOLS OPEN; WALLETS FOLLOW SUIT
- Confidence and clarity are creating a sense of normalcy to the upcoming school year. As parents look to replenish items, back-to-school spending is projected to rise 16% YoY.
(2) IN TODAY’S BACKPACK, TECH TAKES OVER
- Digital learning tools are replacing traditional school supplies, driving tech sales up 37% YoY. Even as schools open, more than half of respondents plan to spend on online resources.
(3) SHOPPING MOVES UP THE CALENDAR
- Far more families plan to wrap up shopping by the end of July, in part because they expect lingering COVID-19 disruptions to keep some key items off the shelves.
(4) A TALE OF DIVERGING FORMATS
- For school-related tech products, online retailers are the preferred destination. For traditional back-to-school products, mass merchants still lead while dollar stores gain ground.
Monthly child tax credit payments are another factor expected to boost retail sales. Payments are expected to begin disbursing this week to families, ranging from $250 to $300 per child, depending on age and qualifications.