Parents OUTRAGED Over Skyrocketing Back-to-School Supply Costs: “It’s Out of Control!”
Parents are fuming as back-to-school shopping costs hit all-time highs, leaving families struggling to keep up with endless supply lists and rising prices! 📚 #News #Parenting #Education
Sticker Shock for Back-to-School Supplies!
BLOOMINGTON, MN – Parents across the country are sounding the alarm as back-to-school shopping reaches a fever pitch. A staggering 79% of parents claim schools are demanding too much when it comes to school supplies.
This latest survey from WalletHub exposes a growing frustration among parents, with many feeling the pinch as they gear up for the new school year.
Education Costs Out of Control
A whopping 86% of parents believe the cost of education has spiraled out of control. It’s not just about the basic supplies anymore; the lists are getting longer and more expensive.
Over half of the surveyed parents admit they will have to shell out more cash this year compared to last. The financial burden is pushing many to the edge, with some parents questioning the necessity of certain items on the list.
The $31.3 Billion Back-to-School Splurge
Brace yourselves: parents are set to spend a jaw-dropping $31.3 billion on back-to-school shopping this year, according to Deloitte’s 2024 survey.
On average, families are forking out $586 per K-12 student, a significant increase from previous years. The bulk of this spending is on clothing and school supplies, with parents prioritizing these essentials over other categories.
Tech Spending Takes a Back Seat
Interestingly, spending on technology is predicted to dip by 11%. Deloitte suggests this is because many parents already invested heavily in tech during the COVID-19 pandemic and aren’t looking to upgrade just yet.
However, the demand for personal hygiene items and educational furniture is set to soar, with a projected 22% increase year-over-year.
Savvy Shopping Strategies
Parents are becoming savvier shoppers, hunting for value over brand names. To stretch their dollars further, many are starting their shopping spree earlier in the year.
Data shows that 66% of back-to-school spending is expected to be completed by the end of July, a notable rise from 59% last year.
The Prime Day Effect
Prime Day and other major retailer sales are becoming essential shopping events for parents. A National Retail Federation (NRF) survey reveals that 85% of shoppers use these sales to stock up on classroom essentials.
Additionally, 62% will turn to more affordable retailers, and about half will opt for private labels over big-name brands.
Financial Literacy in the Spotlight
Amidst this spending frenzy, an overwhelming 95% of parents believe financial literacy should be part of the core curriculum. With the rising costs, understanding money management is more critical than ever.
Parents are resorting to various saving tactics, from clipping coupons (33%) to applying for new credit cards (29%) and taking advantage of sales tax holidays (19%).
The Pressure Mounts
As back-to-school season looms, the pressure on parents continues to mount. With costs climbing and schools demanding more, families are caught in a financial bind. The need for smarter shopping and better financial education is clear, as parents navigate this expensive time of year.
Stay tuned for more updates on this unfolding story. Parents, how are you handling the back-to-school shopping madness? Share your tips and tricks with us!
Read the full study here.
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