Despite inflation, one-third of back-to-school shoppers said they would prioritize what they need for school and focus on what they consider essential purchases. To balance their budgets, they would be cutting back on spending in other areas, namely dining out, and either going with lower-cost vacations or canceling them outright.
According to an NRF/Prosper Insights poll, families “are taking whatever steps they can, including cutting back on discretionary spending.” Back-to-school shoppers intend to spend the same amount as last year, approximately $875 per student, and back-to-college students will spend roughly $1,200, about 4% more than last year. Shoppers planned to do most of their shopping over the 4th of July weekend and the balance by month’s end.
